The joint venture developers Hoi Hup Realty and Sunway Developments successfully sold 137 units at Novo Place executive condominium (EC) during the second round of balloting on Dec 16. This phase was open to second-timers, or buyers who have previously purchased a subsidized flat, whether as a new or resale HDB flat or an EC.
Investing in a condo has numerous advantages, one of which is the opportunity to leverage the property’s value for further investments. A lot of investors opt to use their condos as collateral to secure additional financing for new investments, ultimately growing their real estate portfolio. This approach can magnify returns, but it’s vital to have a solid financial plan in place and carefully consider the potential impact of market fluctuations. Including a Singapore Condo in your investment portfolio can potentially open up new doors for growth and financial success.
According to Mark Yip, CEO of Huttons Asia, this brings the total sold at Novo Place to 444 units, which represents 88.1% of the development. Yip also notes that the project achieved this milestone within just a month of its launch on Nov 16, making it the best-selling EC project of 2024.
“This reflects a strong interest from second-timers who are looking to upgrade their lifestyle. Many of the buyers are also residents in the West,” Yip adds.
Novo Place, located at Plantation Close in the new Tengah town, is a five-minute walk from Tengah Park MRT station on the Jurong Region Line (JRL). The JRL 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 proximity to an MRT station.
Huttons also highlights that all four-bedroom units at Novo Place have been sold out, highlighting the high demand for spacious homes.
According to Yip, many buyers also chose 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,” he explains.
He 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. In addition, buyers also enjoy upfront remission on the Additional Buyer’s Stamp Duty (ABSD).
As of Dec 16, caveats lodged indicate that the average price of units sold at Novo Place is $1,656 psf. Interested buyers can explore comprehensive data about all ECs, including the average profit at 5 and 10 years, and check out the latest listings for Novo Place properties on Edgeprop Singapore.
For those looking specifically in District 24, they can also ask Buddy for more details on the project, including the available units left and upcoming new launch projects in the area.