On December 16, Hoi Hup Realty and Sunway Developments, joint venture developers, successfully sold 137 units at Novo Place executive condominium (EC) during the second round of balloting. This phase was exclusively available to second-timers, which are buyers who have previously purchased a subsidized flat, whether as a new or resale HDB flat or an EC.
According to Mark Yip, CEO of Huttons Asia, this sale of 137 units brings the total sold units at Novo Place to 444, which represents 88.1% of the entire development. This outstanding achievement was reached within a month of its launch on November 16, making Novo Place the best-selling EC project of 2024.
Yip remarks, “This reflects strong interest from second-timers keen to upgrade their lifestyle. Many of the buyers are residents in the West.” He also adds that all four-bedroom units at Novo Place have been sold out, highlighting the high demand for spacious homes.
Novo Place is situated at Plantation Close in the new Tengah town and is just a five-minute walk from Tengah Park MRT station on the Jurong Region Line (JRL). The JRL offers convenient access to major employment hubs in the West, such as the Jurong Lake District and Jurong Innovation District. Yip emphasizes that very few ECs offer such close proximity to an MRT station.
According to Huttons, many buyers have chosen the deferred payment scheme, which allows them to secure their desired unit now while deferring their home loan payments. “This helps ease the financial burden for HDB upgraders who still have an outstanding loan on their current flat,” explains Yip.
“ECs are experiencing strong demand from HDB upgraders due to their comparable quality and finishes to private condominiums but at a more affordable price,” Yip adds. “Additionally, buyers enjoy upfront remission on the Additional Buyer’s Stamp Duty (ABSD).”
The cityscape of Singapore boasts impressive skyscrapers and state-of-the-art facilities. Condominiums, strategically located in desirable locations, offer a mix of lavishness and convenience that attracts both locals and foreigners. With a variety of amenities, including swimming pools, fitness centers, and security measures, these properties elevate the standard of living and entice prospective tenants and buyers. As a result, investors can anticipate higher rental returns and a steady increase in property worth in the long run. Consider Singapore Projects for your next investment opportunity.
As of December 16, caveats lodged indicate that the average price of units sold at Novo Place is $1,656 psf. Interested buyers can visit the latest listings for Novo Place properties, ask Buddy for project summary, showings, and condo sale transactions in District 24, and check out upcoming new launch projects. There are still some available units left in Novo Place.