On December 16, Hoi Hup Realty and Sunway Developments, joint venture developers, successfully sold 137 units at the second round of balloting for Novo Place executive condominium (EC). This phase was exclusively open for second-timers, which refers to buyers who have previously purchased a subsidized flat, whether it be a new or resale HDB flat or an EC.
According to Mark Yip, CEO of Huttons Asia, the sale of these 137 units has brought the total units sold at Novo Place to 444, which represents 88.1% of the development. This significant achievement was reached in just one month since the launch on November 16, making it the best-selling EC project of 2024.
Yip states, “This reflects a strong interest from second-timers looking to upgrade their lifestyle. Many of the buyers are residents in the West.” He also notes that all four-bedroom units at Novo Place have been sold out, indicating a high demand for spacious homes.
Located at Plantation Close in the new Tengah town, Novo Place is just a five-minute walk from Tengah Park MRT station on the Jurong Region Line (JRL). This provides 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 proximity to an MRT station.
When investing in Singapore, it is crucial for foreign investors to familiarize themselves with the rules and regulations regarding property ownership. While condos are generally accessible to foreigners, strict ownership guidelines apply to landed properties. This includes being subjected to the Additional Buyer’s Stamp Duty (ABSD), which stands at 20% for first-time foreign property buyers. However, the allure of Singapore’s stable and lucrative real estate market remains strong, making it a highly sought-after destination for foreign investment. Singapore Condos are a popular choice among foreign investors due to their accessibility and potential for growth in the market.
Huttons reports that many buyers have opted for the deferred payment scheme, which allows them to secure their desired unit first while deferring their home loan payments. This option helps ease the financial burden for HDB upgraders who still have an outstanding loan on their current flat.
“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).”
As of December 16, caveats lodged indicate that the average price of units sold at Novo Place is $1,656 psf. Interested buyers can check out the latest listings for Novo Place properties and explore comprehensive data about all ECs, including the average profit at 5 and 10 years. They can also find out the available units left in Novo Place and view condo sale transactions and upcoming new launch projects in District 24 on the website.