Hoi Hup Realty and Sunway Developments successfully sold off 137 units at Novo Place executive condominium (EC) during the second round of balloting on Dec 16. This phase was exclusive to second-timers, which refers to buyers who have previously bought a subsidized flat, whether it be a new or resale HDB flat or an EC.
According to Mark Yip, CEO of Huttons Asia, a total of 444 units have been sold at Novo Place, making up 88.1% of the development. This was achieved within a month of its launch on Nov 16, making it the top-selling EC project of 2024.
Yip notes that this success is a result of strong interest from second-timers who are looking to upgrade their living standards. He also mentions that the majority of buyers are residents of the West.
Novo Place, situated at Plantation Close in the new Tengah town, is only a five-minute walk away from Tengah Park MRT station on the Jurong Region Line (JRL). The JRL provides easy access to major employment hubs in the West, such as the Jurong Lake District and Jurong Innovation District. Yip highlights that very few ECs offer such close proximity to an MRT station.
Huttons reports that many buyers chose the deferred payment scheme, allowing them to secure their desired unit first while deferring their home loan payments. Yip explains that this helps ease the financial burden for HDB upgraders who still have an outstanding loan on their current flat.
Yip also observes that ECs have been 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 benefit from upfront remission on the Additional Buyer’s Stamp Duty (ABSD).
As of Dec 16, the average price of units sold at Novo Place is $1,656 psf, according to caveats lodged. Interested buyers can explore comprehensive data about all ECs, including the average profit at 5 and 10 years. They can also check out the latest listings and upcoming new launch projects for Novo Place properties.