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When it comes to investing in condos in Singapore, one important factor to consider is the government’s measures to cool down the property market. In recent years, the Singaporean government has implemented various measures to control speculative buying and ensure a steady real estate market. These measures include the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. While these measures may have a short-term impact on the profitability of condo investments, they ultimately contribute to the long-term stability of the market, making it a secure investment environment for those interested in Singapore Condos.
In the morning of November 16, sales bookings for the 504-unit Novo Place officially commenced. Developed by Hoi Hup Realty and Sunway Developments, the executive condo (EC) saw a strong take-up rate of 57%. This was equivalent to 286 units, with an average price of $1,654 per square foot (psf), demonstrating robust demand from buyers looking for an affordable private residential lifestyle.Mark Yip, CEO of Huttons Asia, says, “This is a promising start and indicates the high demand for executive condos among buyers. The take-up rate could have been even higher if not for the 30% quota for second-timers.”The split between first- and second-timer buyers at Novo Place was 47% and 53%, respectively. Yip also suggests that the government may want to consider increasing the quota for second-timers, as the upcoming balloting for second-timers in one month is likely to see strong demand.Explore comprehensive data about all ECs, including the average profit at 5 and 10 yearsAdvertisementAdvertisementSecond-timers are defined as those who have previously purchased subsidized housing, whether it was a new or resale HDB flat or an Executive Condominium (EC). The 30% quota, which amounts to 151 units, set aside for second-timers at Novo Place was fully taken up by 1 pm on launch day, according to Ismail Gafoor, CEO of PropNex. However, he adds that second-timers will have another opportunity to purchase units at Novo Place when the quota is lifted 30 days later, allowing them to make bookings starting from Dec 16.Out of the 287 units sold at Novo Place, 76% of buyers opted for the deferred payment scheme, while 24% chose the normal payment scheme, according to Huttons.ECs are the only housing segment that offers homebuyers the option of a deferred payment scheme. This scheme allows them to lock in their preferred unit first and service the loan later. “It eases the financial burden of HDB upgraders who still have an outstanding loan on their flat,” explains Yip.Additionally, buying a new EC grants HDB upgraders upfront remission on the Additional Buyer’s Stamp Duty (ABSD). “They can continue to stay in their existing flat and sell it within six months of collecting the keys to their new EC unit,” adds Yip.Novo Place is located in Tengah’s Plantation district, with the upcoming Tengah Park MRT Station on the future Jurong Regional Line within walking distance. The station is expected to be completed by 2028.Read also: Emerald of Katong hits 99% sales at launch, averaging $2,621 psfAdvertisementAdvertisementThe seven 18-storey residential blocks at Novo Place comprise three-to-four-bedroom plus-study units. At the moment, the three-bedroom plus-study units are 97% sold, while the four-bedroom units are fully sold. The four-bedroom plus-study units are over half sold, indicating the demand from HDB upgraders looking for a bigger space and greater flexibility in terms of space utilization, says Huttons’ Yip.Novo Place is the second EC project launched this year. The first, Lumina Grand, is a 512-unit EC at Bukit Batok West Avenue 5 by City Developments Ltd. It was launched in January and is currently 84% sold, with an average price of $1,510 psf.”With future EC launches expected to be priced higher due to rising land and construction costs, current EC buyers are already in a more advantageous position,” says Eugene Lim, key executive officer of ERA Singapore.Last 10 transactions at Lumina GrandSource: EdgeProp Buddy Check out the latest listings for Novo Place propertiesAsk BuddyGenerate price trend graph for new launch condo in District 24Any condo rental listings in District 24?Show me condo listings in District 24Condo sale transactions in District 24Compare price trend of New sale condo vs Resale condoGenerate price trend graph for new launch condo in District 24Any condo rental listings in District 24?Show me condo listings in District 24Condo sale transactions in District 24Compare price trend of New sale condo vs Resale condoRELATED NEWSExecutive Condo launches in the pipeline to test new highs of $1,700 psf Hoi Hup-Sunway previews Novo Place amid limited Executive Condo supply, starting at $1,489 psfYear-end rush: Record six projects set to launch in NovemberOn the morning of November 16, sales bookings for Novo Place, a 504-unit executive condo (EC), officially opened. The project is jointly developed by Hoi Hup Realty and Sunway Developments, and it saw a strong take-up rate of 57%. This translates to 286 units being sold at an average price of $1,654 per square foot (psf), reflecting the robust demand from buyers for an affordable private residential lifestyle.”This is an impressive result and it indicates the high demand for executive condos among buyers,” says Mark Yip, CEO of Huttons Asia. “If not for the 30% quota for second-timers, the take-up rate could have been even higher.”Of the units sold, 47% were bought by first-timer buyers and 53% by second-timers. Yip also suggests that the government may want to consider increasing the quota for second-timers, as the upcoming balloting for them in one month is expected to see strong demand.Explore comprehensive data about all ECs, including the average profit at 5 and 10 yearsAdvertisementAdvertisementSecond-timers are individuals who have previously purchased subsidized housing, whether it was a new or resale HDB flat or an Executive Condominium (EC). The 30% quota, which amounts to 151 units, set aside for second-timers at Novo Place was fully taken up by 1 pm on launch day, according to Ismail Gafoor, CEO of PropNex. However, he adds that second-timers will have another opportunity to purchase units at Novo Place when the quota is lifted 30 days later, allowing them to make bookings starting from Dec 16.Out of the 287 units sold at Novo Place, 76% of buyers opted for the deferred payment scheme, while 24% chose the normal payment scheme, according to Huttons.ECs are the only housing segment that offers homebuyers the option of a deferred payment scheme. This scheme allows them to secure their preferred unit first and service the loan at a later time. “This helps ease the financial burden for HDB upgraders who still have an outstanding loan on their flat,” explains Yip.Additionally, buying a new EC grants HDB upgraders upfront remission on the Additional Buyer’s Stamp Duty (ABSD). “They can continue to stay in their existing flat and sell it within six months of collecting the keys to their new EC unit,” adds Yip.Novo Place is located in Tengah’s Plantation district and is within walking distance of the upcoming Tengah Park MRT Station on the future Jurong Regional Line. This station is expected to be completed by 2028.Read also: Emerald of Katong hits 99% sales at launch, averaging $2,621 psfAdvertisementAdvertisementThe project comprises seven 18-storey residential blocks and offers a mix of three- and four-bedroom plus-study units. As of now, the three-bedroom plus-study units are 97% sold, while the four-bedroom units are fully sold. The four-bedroom plus-study units are over half sold, showing the demand from HDB upgraders seeking a more spacious unit with greater flexibility in terms of space utilization, says Huttons’ Yip.Novo Place is the second EC project launched this year. The first, the 512-unit Lumina Grand at Bukit Batok West Avenue 5 by City Developments Ltd, was launched in January and is currently 84% sold, with an average price of $1,510 psf.”With future EC launches expected to be priced higher due to rising land and construction costs, current EC buyers are already in a more advantageous position,” says Eugene Lim, key executive officer of ERA Singapore.Check out the latest listings for Novo Place propertiesAsk BuddyGenerate price trend graph for new launch condo in District 24Any condo rental listings in District 24?Show me condo listings in District 24Condo sale transactions in District 24Compare price trend of New sale condo vs Resale condoGenerate price trend graph for new launch condo in District 24Any condo rental listings in District 24?Show me condo listings in District 24Condo sale transactions in District 24Compare price trend of New sale condo vs Resale condoRELATED NEWSExecutive Condo launches in the pipeline to test new highs of $1,700 psf Hoi Hup-Sunway previews Novo Place amid limited Executive Condo supply, starting at $1,489 psfYear-end rush: Record six projects set to launch in November