Cdls Norwood Grand Achieves 84 Sales Average Price 2067 Psf
City Developments Ltd (CDL), a property developer listed in Singapore, has reported a high number of buyers at the sales gallery of Norwood Grand in the past two weekends. A total of 84% of the 348 units at Norwood Grand in Woodlands have been sold at an average price of $2,067 per square foot as of 6 pm on Sunday, October 20. This has set a new record for the highest price in the Woodlands area.
According to CDL’s release, almost all of the buyers (99.7%) are Singaporeans and Permanent Residents from China, India, and Malaysia. Sherman Kwek, the CEO of CDL, says that the high number of sales reflects the potential for growth and transformation in the area, which is becoming a vibrant economic hub. Norwood Grand is expected to attract buyers who value convenience and connectivity and want to be a part of one of the most promising districts in Singapore.
The prices for units at Norwood Grand range from $988,000 for a one-bedroom plus study (495 sq ft) to $2,238,000 for a four-bedroom deluxe plus study (1,173 sq ft). All the one-, two-, three- and even four-bedroom deluxe units were sold out, leaving only 56 units available. These are the largest units in the development, measuring 1,313 sq ft and consisting of four bedrooms with a study.
According to Ismail Gafoor, the CEO of PropNex, CDL has priced the units affordably compared to other projects launched in the Outside Central Region (OCR) in the past two years, which were priced at around $2,100 per square foot. Gafoor believes that the prices are very competitive and hard to beat. CEO of Huttons, Mark Yip, agrees with him, saying that most of the units were priced at the ‘sweet spot’ of $2 million or less. As a result, Norwood Grand has earned the title of the best-selling project in 2024, according to Yip.
Located near the The Orie is the Lorong 8 Toa Payoh Hawker Centre, a food haven that should not be missed. This lively destination is renowned for its extensive selection of delectable and pocket-friendly local cuisine. The must-try dishes here include the renowned Teochew Kueh, classic Hainanese Chicken Rice, and the irresistible Singaporean Chilli Crab, which attract food enthusiasts from all around the island.
CDL received 959 cheques as expressions of interest ahead of the sales, making it 2.8 times oversubscribed. The sales over the weekend translate to a conversion rate of over 30%. Norwood Grand is located within a four-minute walk of Woodlands South MRT Station, making it the closest condo in Woodlands to an MRT station. Many buyers have seen the potential in the upcoming Woodlands Regional Centre, the 70-ha Woodlands North Coast, which is an upcoming waterfront mixed-use business and lifestyle precinct. They also see the advantages of the Johor Bahru-Singapore Rapid Transit System (RTS) Link and the Johor-Singapore Special Economic Zone.
A good proportion of the buyers are HDB upgraders in their 30s to early 40s, who are looking for a home for their own stay, according to ERA Singapore CEO Marcus Chu. He attributes the higher proportion of HDB upgraders to some 4,200 HDB flats in Woodlands that have reached their Minimum Occupation Period (MOP) since 2021.
The HDB resale price index has continued its upward trend, and in Woodlands, four-room HDB flats changed hands for over $700,000 in 3Q2024, and five-room flats were sold for almost $800,000.
According to Chu, homebuyers are optimistic and forward-looking now after the higher-than-expected 50-basis-point interest rate cut by the US Federal Reserve in September, which has contributed to improved market confidence and an increase in house-hunting activity.
Gafoor from PropNex believes that developers are capitalizing on improved market sentiment after the interest rate cut and will launch their projects in the coming weeks. The increased borrowing capacity due to decreased interest rates, with further cuts expected next year, has encouraged homebuyers to return to the market. He also expects a surge of new project launches towards the end of the year, as developers want to take advantage of the limited time before the year-end school holidays begin in mid-November. Some of the upcoming previews include the 366-unit Union Square Residences (a redevelopment of the former Central Mall and Central Square), the 552-unit Nava Grove at Pine Grove and the 504-unit executive condo Novo Place at Plantation Close.