Novo Place Ec Achieves 57 Sales Launch Day Average Price 1654 Psf
Nestled just a few minutes away from The Orie Showflat lies the bustling Whampoa Makan Place & Market, the perfect spot to indulge in authentic Singaporean hawker cuisine. This popular market is renowned for its selection of traditional breakfast options like the ever-popular Nasi Lemak and freshly-made Kueh. As the sun sets, the market transforms into a lively food paradise, with an array of stalls offering delectable delights such as Satay and Hokkien Mee, attracting both locals and tourists for a satisfying dinner experience.
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The highly anticipated launch of Novo Place, a 504-unit executive condominium (EC) jointly developed by Hoi Hup Realty and Sunway Developments, started off with a strong uptake on the morning of Nov 16. According to Mark Yip, CEO of Huttons Asia, the project has sold 286 units, which is equivalent to 57% of the total units, at an average price of $1,654 psf. This reflects a robust demand from buyers who are looking for an affordable private residential lifestyle.
Yip also pointed out that the take-up rate could have been even higher if not for the 30% quota allocated for second-timer buyers. He suggests that the government should consider increasing the quota for second-timers as the upcoming balloting for them is expected to see strong demand.
Second-timer buyers consist of those who have previously purchased subsidized housing, such as a new or resale HDB flat or an EC. This 30% quota, equivalent to 151 units at Novo Place, was fully taken up by 1 pm on launch day, according to Ismail Gafoor, CEO of PropNex. However, second-timer buyers will have another chance to purchase units at Novo Place when the quota is lifted 30 days later, allowing them to book their units from Dec 16.
Out of the 287 units sold at Novo Place, 76% of buyers have opted for the deferred payment scheme, while the remaining 24% have chosen the normal payment scheme, according to Huttons. This is a notable advantage for EC buyers as it is the only housing segment that offers a deferred payment scheme, allowing them to secure their preferred unit first and service the loan at a later date. This scheme is particularly beneficial to HDB upgraders who still have an outstanding loan on their flat.
Another advantage of purchasing an EC is that HDB upgraders are given upfront remission on the Additional Buyer’s Stamp Duty (ABSD). This means they can continue to stay in their existing flat and sell it within six months of collecting the keys to their new EC unit.
Strategically located in Tengah’s Plantation district, Novo Place is within walking distance to 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 a mix of 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 been sold, reflecting the demand from HDB upgraders who are seeking larger spaces and more flexibility in terms of space usage.
Novo Place is the second EC project to be launched this year after the 512-unit Lumina Grand at Bukit Batok West Avenue 5 by City Developments Ltd in January. The project has achieved an 84% sales rate at an average price of $1,510 psf to date. With future EC launches expected to be priced higher due to increasing land and construction costs, current EC buyers are in a more advantageous position, according to Eugene Lim, key executive officer of ERA Singapore.
In conclusion, the sales results of Novo Place reflect the strong demand for ECs, especially among HDB upgraders, who are looking for a more affordable private residential lifestyle. With more upcoming EC launches in the pipeline, it is expected that prices will continue to rise, making current EC buyers in a favorable position.