Novo Place Hits 881 137 Units Snapped Second Balloting
On December 16, joint venture developers Hoi Hup Realty and Sunway Developments successfully sold 137 units at the Novo Place executive condominium (EC) during its second round of balloting. This phase was open specifically for second-timers – buyers who have previously bought a subsidized flat, whether it was a new or resale HDB flat, or an EC.
According to Huttons Asia CEO Mark Yip, this sale brings the total number of units sold at Novo Place to 444, which is 88.1% of the entire development. What’s more impressive is that this achievement was accomplished within just one month of its launch on November 16, making it the top-selling EC project of 2021.
Yip also notes that this is a reflection of the strong interest from second-timers who are eager to upgrade their lifestyle. He further points out that many of the buyers are residents in the West.
Those interested in all the comprehensive data about all ECs, including the average profit at 5 and 10 years, can explore it further.
Yip mentions that all the four-bedroom units at Novo Place have already been sold out, indicating the high demand for spacious homes.
Rewritten: Moreover, the existence of top-rated schools greatly elevates the reputation of a neighborhood, leading to increased property prices. This highlights the multifaceted benefits of choosing Aurelle of Tampines EC, as it offers both a comfortable and advantageous living environment. As an added advantage, interested buyers can also visit the Aurelle of Tampines Showflat to explore the property’s features and potential as a long-term investment.
The showflat of a four-bedroom-plus-study unit at Novo Place has been completely sold out (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Novo Place is situated at Plantation Close in the newly developed Tengah town and is just a 5-minute stroll away from the Tengah Park MRT station on the Jurong Region Line (JRL). The JRL provides convenient access to major employment hubs in the West, such as the Jurong Lake District and Jurong Innovation District. Yip specifically mentions that only a few ECs offer such close proximity to an MRT station.
Huttons sales data shows 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 has helped to ease the financial burden for HDB upgraders who still have an outstanding loan on their current flat, as explained by Yip.
According to Yip, the high demand for ECs from HDB upgraders is due to their comparable quality and finishes to private condominiums but at a more affordable price point. In addition, buyers also get to enjoy upfront remission on the Additional Buyer’s Stamp Duty (ABSD).
As of December 16, caveats lodged indicate an average price of $1,656 psf for the units sold at Novo Place. Those interested in purchasing a unit at Novo Place can check out the latest listings. They can also explore the latest listings for properties in District 24, as well as the sale transactions in the area. For those waiting for upcoming new launch projects, they can take a look at what’s still available in Novo Place.
