Over the past weekend, developer Sim Lian Group launched their newest project, Emerald of Katong, and saw impressive sales figures. Out of the 846 units available, 835 were sold, recording a sales rate of 98.7%. During the VIP sales event on November 15, 401 units were taken up (47%), followed by an additional 434 units on November 16. The average price of units sold during the weekend was $2,621 psf. Despite the strong sales performance, Sim Lian declined to comment.
According to Mark Yip, CEO of Huttons Asia, the development may hold the record for the most number of units sold in a day, surpassing J’Gateway’s 738 units sold in June 2013. Only 11 units are left available at Emerald of Katong, comprising of nine one-bedroom units and two five-bedroom units. All two-, three-, and four-bedroom units have been sold out. Yip noted that buyers favored the larger units with a study or flex layout, likely for owner-occupation and to cater to their lifestyle needs.
For the latest updates on available units and prices at Emerald of Katong, interested buyers can get in touch with the developer. The sales chart as of 9.30pm on November 16 can be viewed below, based on data gathered from real estate agents.
Lee Liat Yeang, the senior real estate partner of Dentons Rodyk & Davidson LLP, the developer’s lawyers, regards Emerald of Katong as the top-selling project of 2024 in terms of both the number of units and the percentage sold during its launch weekend. The sales performance of the 99-year leasehold project at Jalan Tembusu in District 15 is particularly noteworthy as its launch coincided with two other projects on the same weekend.
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During the same weekend, the 552-unit Nava Grove, a 99-year leasehold development by MCL Land and Sinarmas Land, reportedly sold 359 units, representing 65% of its total units. On the same day, the 504-unit executive condominium (EC) Novo Place, at Plantation Close in Tengah, developed by Hoi Hup Realty and Sunway Developments, achieved a 57% sales rate.
These three projects conclude an unprecedented six new residential projects (including the EC project) launched over the past fortnight. According to Ismail Gafoor, CEO of PropNex, “We were initially concerned that launching six projects within 14 days might result in some of them being overshadowed by others.” However, with 3,551 units available, homebuyers had the opportunity to visit all the developments before choosing their preferred one. Gafoor added, “In fact, having so many options in a short span seemed to help buyers make decisions more quickly. The interest may not have been as intense if the launches had been spread over two months.”
It also helped that Kingsford Group brought forward the launch of the 916-unit, 99-year leasehold Chuan Park by six days, from November 16 to November 10. “Those whose first choice may have been 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.”
Nava Grove achieved 65% sales on its launch weekend at an average price of $2,448 psf. Chuan Park, on the other hand, sold 696 units on the same day it was launched, representing 76% of its units, at an average price of $2,579 psf.
One of the reasons for the strong sales at Emerald of Katong was the developer’s decision to keep prices steady throughout the launch day, despite the overwhelming response. A total of 3,629 cheques were collected as expressions of interest, which translates to the project being 4.3 times oversubscribed.
According to Gafoor, “Sim Lian did not raise their selling prices from the initial price list.” He added, “It reassured buyers and their agents that they still had an opportunity to secure a unit at the same price, even if their queue number was as high as 3,000.” Based on caveats lodged, District 15 has consistently been one of the top districts to stay in Singapore. Huttons’ Yip noted that the East Coast lifestyle and the limited number of large projects attracted buyers to Emerald of Katong. “Compared with other new projects in the RCR [Rest of Central Region], which have a median price of $2,955 psf, Emerald of Katong’s starting price from $2,423 psf is very attractively priced,” 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, notably 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 strong sales on Saturday, according to Huttons’ Yip. From November 11 to 16, The Continuum saw 22 new sales while Tembusu Grand recorded 12 units sold, and Grand Dunman recorded five new sales.
Huttons’ Yip attributes the strong sales momentum to “better economic growth and cuts in interest rates”, which have attracted more buyers to the new homes market due to their improved borrowing capacity. He adds that lower returns from other investment assets may have encouraged more buyers to consider property as a preferred investment.
Huttons estimates that developers’ 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 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 figures from 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—rose by $10.2 billion in the first nine months of 2024.
To find out more about available units and prices at Emerald of Katong, interested buyers can check out the latest listings for the development.