Emerald Katong Hits 99 Sales Launch Averaging 2621 Psf
Over the launch weekend, Emerald of Katong by Sim Lian Group saw a remarkable sales performance, with 835 out of 846 units (98.7%) being sold in just two days. VIP sales on November 15 saw 401 units (47%) being taken up, followed by another 434 units on November 16. The average price for units sold over the weekend was $2,621 per square foot (psf). A representative from Sim Lian declined to comment on the sales figures.
Mark Yip, CEO of Huttons Asia, remarked, “It probably holds the record for the most number of units sold in a day, besting J’Gateway’s 738 units in June 2013.” Only 11 units remain available at Emerald of Katong – comprising nine one-bedroom and two five-bedroom units. All two-, three-, and four-bedroom units have been sold out. Yip noted that buyers were drawn to the larger units with either a study or flex layout, likely purchasing for owner-occupation and needing the extra space to fit their lifestyle needs.
For the latest information on available units and prices at Emerald of Katong, interested buyers can reach out to the developer or visit their website.
Emerald of Katong sales chart as of 9.30pm, November 16 (Sources: Real estate agents)
Top-selling project of 2024
Lee Liat Yeang, the real estate senior partner of Dentons Rodyk & Davidson LLP, the developer’s lawyers, regards Emerald of Katong as the top-selling project of 2024, based on both the number of units and the percentage sold during its launch weekend. The 99-year leasehold project at Jalan Tembusu in District 15 saw a particularly impressive sales performance, as it coincided with two other projects launching on the same weekend.
Nava Grove, a 552-unit 99-year leasehold development by MCL Land and Sinarmas Land, reportedly sold 359 units on November 16, representing 65% of its total units. On the same day, Novo Place, a 504-unit executive condominium (EC) at Plantation Close in Tengah by joint developers Hoi Hup Realty and Sunway Developments, is said to have achieved a 57% sales rate.
These three projects conclude an unprecedented six new residential launches (including the EC project) over the last fortnight. Ismail Gafoor, CEO of PropNex, said, “We were initially concerned that launching six projects within 14 days might result in some of them being overshadowed by others.” However, with a total of 3,551 units on offer, homebuyers had the opportunity to visit all the developments before making their purchase, according to Gafoor. “In fact, having so many options in a short span seemed to help buyers make decisions more quickly. The interest might not have been as intense if the launches had been spread over two months.”
It also helped that Kingsford Group moved forward the launch of the 916-unit, 99-year leasehold Chuan Park to November 10, from November 16, notes Gafoor. “Those whose first choice may have been Chuan Park but were unable to secure a unit there had the opportunity to consider Emerald of Katong instead,” says Gafoor. “If the two projects had been launched on the same weekend, prospective buyers might have been torn between them. By bringing forward Chuan Park’s launch, both projects benefited.”
Read also: Nava Grove achieves 65% sales on launch weekend at an average price of $2,448 psf
Chuan Park sold 696 units – representing 76% of its units – in a single day, at an average price of $2,579 psf.
Holding prices steady
Another reason for the strong sales at Emerald of Katong was the developer’s decision to hold prices steady throughout the launch day, despite an overwhelming response. A total of 3,629 cheques were collected as expressions of interest, translating to the project being 4.3 times oversubscribed. According to Gafoor, “Sim Lian did not raise their selling prices from the initial price list. It reassured buyers and their agents that they still had an opportunity to secure a unit at the same price, even if their queue number was as high as 3,000.”
Based on caveats lodged, District 15 has always been among the top districts to stay in Singapore, notes Huttons’ Yip. “The East Coast lifestyle and the limited number of large projects attracted buyers to Emerald of Katong,” he says.
“Compared to other new projects in the RCR [Rest of Central Region], which have a median price of $2,955 psf, Emerald of Katong’s starting price from $2,423 psf is very attractively priced,” says Marcus Chu, CEO of ERA Singapore. Buyers who were unable to secure a unit at Emerald of Katong turned to other major condo projects in the vicinity, notably three projects launched last year – the 1,008-unit, 99-year leasehold Grand Dunman; the 638-unit, 99-year leasehold Tembusu Grand; and the 816-unit, freehold The Continuum. “All three recorded good sales on Saturday,” notes Yip.
From November 11 to 16, The Continuum is reported to have registered 22 new sales, while Tembusu Grand saw 12 units sold, and Grand Dunman recorded five new sales.
Read also: Novo Place EC achieves 57% sales on launch day at an average price of $1,654 psf
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Huttons’ Yip attributes the strong sales momentum to “better economic growth and cuts in interest rates”, which have attracted more buyers to the new homes market due to their improved borrowing capacity. He adds that lower returns from other investment assets may have encouraged more buyers to consider property as a preferred investment.
November sales likely to be the highest since March 2013
Huttons estimates that developers’ sales in November will reach up to 2,200 units, approaching the levels recorded in March 2013, when 2,793 units were sold.
On-the-ground observations indicate a growing number of prospective local and foreign buyers utilizing trust structures to acquire homes for their children, notes Yip. “Investing in residential property may serve as a form of wealth planning and preservation,” he says. This trend, he adds, reflects rising wealth among local buyers and an influx of overseas funds into Singapore.
Figures from the Monetary Authority of Singapore (MAS) show that the number of single-family offices grew to 1,650 as of August 2024, an increase of 250 from the end of 2023, according to Huttons. During the same period, the M1 money supply – which includes cash, demand deposits, and other liquid deposits – rose by $10.2 billion in the first nine months of 2024.