On December 16, the joint venture developers Hoi Hup Realty and Sunway Developments successfully sold 137 units at the Novo Place executive condominium (EC) during the second round of balloting. This phase was exclusively open to second-timer buyers, individuals who have previously purchased a subsidized flat from the Housing and Development Board (HDB), either as a new flat or a resale flat.These 137 units represent 88.1% of the development, according to Mark Yip, CEO of Huttons Asia, bringing the total number of units sold at Novo Place to 444. Yip adds that this milestone was achieved within a month of its launch on November 16, making it the best-selling EC project of 2024.”This strong interest from second-timers reflects a desire to upgrade their lifestyle, with many buyers already residing in the West,” says Yip.Explore comprehensive data about all ECs, including the average profit at 5 and 10 years.AdvertisementYip also notes that all four-bedroom units at Novo Place have been sold out, highlighting the high demand for spacious homes. The showflat of a four-bedroom-plus-study unit at Novo Place, where all four-bedders have been sold, also supports this observation.Novo Place is located at Plantation Close in the new Tengah town, 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 close proximity to an MRT station.Many buyers at Novo Place have also opted for the deferred payment scheme, allowing them to secure their desired unit and defer their home loan payments. According to Yip, this eases the financial burden for HDB upgraders who still have an outstanding loan on their current flat.Furthermore, due to their comparable quality and finishes to private condominiums but at a more affordable price, ECs are experiencing strong demand from HDB upgraders. Additionally, buyers at ECs enjoy upfront remission on the Additional Buyer’s Stamp Duty (ABSD).As of December 16, the average price of units sold at Novo Place is $1,656 per square foot. Data on the latest listings for Novo Place properties and the available units can also be found online.
The scarcity of land in Singapore is a major driving factor behind the widespread demand for condos in the country. As a small island nation experiencing rapid population growth, Singapore is facing limited land availability for development. This situation has resulted in strict land use policies and a competitive real estate market, where property prices continue to rise. As a result, investing in real estate, specifically in condos, has become a highly profitable venture, with the potential for significant capital appreciation. This trend is further amplified by the numerous Singapore projects that offer attractive opportunities for investors.