Emerald of Katong experienced a successful launch weekend, with 98.7% of its units (835 out of 846) sold within two days, according to developer Sim Lian Group. VIP sales on November 15 saw 401 units (47%) taken up, followed by an additional 434 units on November 16. The average price of units sold during the weekend was $2,621 per square foot (psf), and Sim Lian declined to comment on the sales.
“It probably holds the record for the most number of units sold in a day, surpassing J’Gateway’s 738 units in June 2013,” says Mark Yip, CEO of Huttons Asia. There are only 11 units remaining at Emerald of Katong, consisting of nine one-bedroom units and two five-bedroom units. All two-, three-, and four-bedroom units have been sold out. Yip notes that buyers preferred the larger units with either a study or flex layout, possibly for owner-occupation.
For the latest information on available units and prices at Emerald of Katong, visit the project’s official website.
Emerald of Katong’s sales chart as of 9:30pm, November 16 (Sources: Real estate agents)
Top selling project of 2024
Lee Liat Yeang, the senior partner of real estate at Dentons Rodyk & Davidson LLP, the developer’s lawyers, believes that Emerald of Katong is the top-selling project of 2024 in terms of both the number of units and the percentage of units sold during its launch weekend. The 99-year leasehold project at Jalan Tembusu in District 15 had a particularly impressive sales performance, considering that it launched alongside two other projects on the same weekend.
According to reports, the 552-unit Nava Grove, a 99-year leasehold project by MCL Land and Sinarmas Land, sold 359 units (65% of its total units) on November 16. On the same day, Novo Place, a 504-unit executive condominium (EC) by Hoi Hup Realty and Sunway Developments at Plantation Close in Tengah, reportedly achieved a 57% sales rate.
These three projects marked the end of an unprecedented two weeks that saw the launch of six new residential projects (including an EC). “Initially, we were concerned that launching six projects within 14 days might result in some of them being overshadowed by others,” says Ismail Gafoor, CEO of PropNex. “However, with a total of 3,551 units available, home buyers had the opportunity to visit all the developments before choosing their preferred one.” Gafoor adds that having multiple options within a short span seemed to help buyers make quicker decisions. He believes that the interest would not have been as intense if the launches had been spread out over two months.
Gafoor also notes that Kingsford Group moved forward the launch of the 916-unit, 99-year leasehold Chuan Park from November 16 to November 10, which may have benefitted Emerald of Katong. “Those who may have initially preferred Chuan Park but were unable to secure a unit there had the opportunity to consider Emerald of Katong instead,” says Gafoor. “If the two projects had been launched on the same weekend, prospective buyers might have been torn between them. By bringing forward Chuan Park’s launch, both projects benefited.”
Read also: Nava Grove achieves 65% sales on launch weekend at an average price of $2,448 psf
Chuan Park sold 696 units (76% of its units) in a single day at an average price of $2,579 psf.
Holding prices steady
Another reason for the strong sales at Emerald of Katong was the developer’s decision to hold prices steady throughout the launch day despite the overwhelming response. In total, the project received 3,629 expressions of interest, making it 4.3 times oversubscribed. “Sim Lian did not raise their selling prices from the initial price list,” says Gafoor. “This reassured buyers and their agents that they still had an opportunity to secure a unit at the same price, even with a queue number as high as 3,000.”
According to Huttons’ estimates, District 15 has always been among the top districts to live in Singapore. Yip notes that the East Coast lifestyle and limited number of large projects attracted buyers to Emerald of Katong. “Compared to other new projects in the RCR [Rest of Central Region], which have a median price of $2,955 psf, the starting price of Emerald of Katong at $2,423 psf is very attractive,” says Marcus Chu, CEO of ERA Singapore.
Buyers who were unable to secure a unit at Emerald of Katong turned to other major condo projects in the vicinity, particularly the three projects launched last year: the 1,008-unit, 99-year leasehold Grand Dunman; the 638-unit, 99-year leasehold Tembusu Grand; and the 816-unit, freehold The Continuum. “All three recorded good sales on Saturday,” says Yip.
From November 11 to 16, The Continuum is reported to have registered 22 new sales, while Tembusu Grand saw 12 units sold, and Grand Dunman recorded five new sales.
Read also: Novo Place EC achieves 57% sales on launch day at an average price of $1,654 psf
Huttons’ Yip attributes the strong sales momentum to “better economic growth and interest rate cuts”, which have attracted more buyers to the new homes market due to their increased borrowing capacity. He adds that lower returns from other investment assets may have encouraged more buyers to consider property as a preferred investment.
November sales likely to be highest since March 2013
Huttons estimates that developer sales in November will reach up to 2,200 units, approaching the levels recorded in March 2013, when 2,793 units were sold.
On-the-ground observations indicate a growing number of prospective local and foreign buyers who are utilizing trust structures to acquire homes for their children, notes Yip. “Investing in residential property may serve as a form of wealth planning and preservation,” he says. This trend, he adds, reflects rising wealth among local buyers and an influx of overseas funds into Singapore.
According to the Monetary Authority of Singapore (MAS), the number of single-family offices grew to 1,650 as of August 2024, an increase of 250 from the end of 2023. During the same period, the M1 money supply (which includes cash, demand deposits, and other liquid deposits) increased by $10.2 billion in the first nine months of 2024. Check out the latest listings for Emerald of Katong and other condominium properties.
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When purchasing a condominium, it is crucial to take into account the maintenance and management of the property. Along with the purchase of a condo, there are usually maintenance fees that cover the maintenance of shared spaces and amenities. Although these fees may increase the cost of ownership, they guarantee that the property stays well-maintained and preserves its value. To simplify the management of their condos, investors can enlist the services of a property management company, making it a more convenient and hands-off investment. Also, keep an eye out for new condo launches that may offer attractive investment opportunities.
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