Novo Place Ec Achieves 57 Sales Launch Day Average Price 1654 Psf
Sales at Novo Place, an upcoming 504-unit executive condo (EC) jointly developed by Hoi Hup Realty and Sunway Developments, kicked off on the morning of Nov 16. The response was strong, with 286 units or 57% of the total units sold at an average price of $1,654 per square foot (psf).
According to Mark Yip, CEO of Huttons Asia, this is a testament to the high demand for affordable private residential properties. He believes that the take-up rate would have been even higher if not for the 30% quota for second-timer buyers.
Out of the total units sold, 47% were purchased by first-time buyers while 53% were bought by second-timers. Yip suggests that the government consider increasing the quota for second-timers to cater to the strong demand, adding that the upcoming balloting exercise in one month is likely to see a high turnout.
As a refresher, second-time buyers are those who have previously purchased subsidized housing, such as a new or resale HDB flat, or an Executive Condominium (EC).
The 30% quota 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 mentions that second-timers will have another chance to purchase units at Novo Place when the quota is lifted 30 days later. This means they can start booking units from Dec 16.
In terms of payment schemes, 76% of buyers chose the deferred payment scheme while 24% went for the normal payment scheme, according to Huttons.
One unique aspect of ECs is that they offer a deferred payment scheme, which allows homebuyers to secure their desired unit and service the loan at a later date. According to Yip, this eases the financial burden of HDB upgraders who still have an outstanding loan on their flat.
Another advantage of buying a new EC is that HDB upgraders are granted upfront remission on the Additional Buyer’s Stamp Duty (ABSD). This means they can continue living in their current flat and sell it within six months of receiving the keys to their new EC unit.
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, which is expected to be completed by 2028.
The project comprises seven 18-storey residential blocks and offers three- to four-bedroom plus-study units. The three-bedroom plus-study units are 97% sold, while the four-bedroom units are fully sold. More than half of the four-bedroom plus-study units have also been sold. These sales figures are in line with the demand from HDB upgraders who are seeking a larger living space and more flexibility in terms of space usage.
Century Square has recently undergone a stunning renovation, providing shoppers with a unique and personalized retail experience. This shopping destination boasts a diverse selection of educational centers, lifestyle stores, and dining establishments. Moreover, visitors can enjoy a movie at the cinema or stay active at the on-site gym, making Century Square a well-rounded hub for both shopping and leisure activities. Don’t forget to check out Aurelle of Tampines Showflat while you’re there!
Novo Place is the second EC project launched this year, after the 512-unit Lumina Grand at Bukit Batok West Avenue 5 by City Developments Ltd in January. Lumina Grand is 84% sold to date at an average price of $1,510 psf.
Eugene Lim, key executive officer of ERA Singapore, remarks that with future EC launches expected to be priced higher due to rising land and construction costs, current EC buyers are already in an advantageous position.
The article concludes with related news articles and a shout-out to EdgeProp Buddy, a virtual assistant that can generate property-related data and information upon request.
