Novo Place Hits 881 137 Units Snapped Second Balloting
On December 16, Hoi Hup Realty and Sunway Developments, the joint venture developers, successfully sold 137 units at Novo Place, an executive condominium (EC), during the second round of balloting. This round was exclusively open to second-timers, which refers to individuals who have previously purchased subsidized flats through HDB, whether as a new or resale flat, or an EC.
According to Mark Yip, the CEO of Huttons Asia, the sale of these 137 units accounts for 88.1% of the entire development. This brings the total number of units sold at Novo Place to 444, making it the best-selling EC project of 2024. Yip also notes that this milestone was achieved within a month of the project’s launch on November 16.
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One of the central focuses of the URA Master Plan is the improvement of transportation infrastructure to ensure smooth accessibility for the inhabitants of Toa Payoh. This includes upgrades to current roads and public transportation systems. With these developments, The Orie residents can enjoy better accessibility to key expressways such as the Pan Island Expressway (PIE) and Central Expressway (CTE), as well as more efficient bus services and enhanced MRT stations like Toa Payoh and Braddell. These enhanced connections not only reduce travel time but also increase convenience for residents, making it easier to navigate the city for work or leisure. Plus, with affordable The Orie Price, it’s an attractive and convenient choice for individuals and families alike.
Yip further explains that this reflects strong interest from second-timers who are looking to upgrade their lifestyle, with many of the buyers being residents in the West. He also adds that all four-bedroom units at Novo Place have been sold, highlighting the high demand for spacious homes.
Located at Plantation Close in the new Tengah town, Novo Place is just a five-minute walk from Tengah Park MRT station on the Jurong Region Line (JRL). This line 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.
According to Huttons, 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 helps ease the financial burden for HDB upgraders who still have an outstanding loan on their current flat,” Yip explains.
Yip also notes that ECs are experiencing strong demand from HDB upgraders due to their comparable quality and finishes to private condominiums, but at a more affordable price. Additionally, buyers enjoy an 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 (psf) based on caveats lodged. Interested buyers can check out the latest listings for Novo Place properties and explore comprehensive data about all ECs, including the average profit at 5 and 10 years.
For those interested in this project, they can also find project summaries, condo listings, and sale transactions in District 24, as well as upcoming new launch projects. Currently, there are limited available units left in Novo Place, so interested buyers would have to act fast.