Cdls Norwood Grand Achieves 84 Sales Average Price 2067 Psf
CDL, a property developer listed in Singapore, experienced a surge of buyers at the sales gallery of Norwood Grand over the past two weekends. By 6pm on Sunday, October 20, 292 out of 348 units in Norwood Grand at Woodlands were sold at an average price of $2,067 psf, setting a new benchmark price for the area.
The majority of buyers (99.7%) were Singaporeans and Permanent Residents (PRs) from China, India, and Malaysia, according to CDL’s release.
“The strong demand for Norwood Grand reflects the exciting growth potential and transformation of the area into a thriving economic hub,” says Sherman Kwek, CEO of CDL. “As the new jewel in the developing Woodlands neighborhood, we are confident that Norwood Grand will appeal to buyers who value convenience and connectivity, and see the benefits of being part of one of Singapore’s most promising districts.”
The latest information on available units and prices for Norwood Grand can be obtained through advertisements.
Prices for units ranged from $988,000 for a one-bedroom plus study (495 sq ft), $1.238 million for a two-bedroom (624 sq ft), $1.698 million for a three-bedroom deluxe (883 sq ft), and $2.238 million for a four-bedroom deluxe plus study (1,173 sq ft). All one, two, three, and even four-bedroom deluxe units were sold out. There are only 56 units left, all of which are the largest units in the development, the 1,313 sq ft four-bedroom premium with study.
“The developer has priced the project very competitively compared to most projects launched in the Outside Central Region [OCR] over the past two years, which were in the $2,100 psf range,” says Ismail Gafoor, CEO of PropNex.
According to Mark Yip, CEO of Huttons, most of the units were priced at the “sweet spot” of $2 million or below. “The prices were competitive and difficult to beat.”
With 84% of units sold during the launch weekend, Norwood Grand has been awarded the title of “best-selling project of 2024,” notes Yip of Huttons. It is also recognized as a top-seller since the 368-unit J’den in Jurong East Central, which sold 88% of its units in November 2023, he adds.
In terms of the number of units sold on the first weekend of launch, the 533-unit Lentor Mansion remains the top performer this year, with 400 units (75%) sold during its launch in May.
Apart from pricing, there is also pent-up demand as no new private condominium has been launched in Woodlands, in the northern region, in the past 12 years – since Parc Rosewood in 2012. “Many buyers are people who grew up in Woodlands, still have family living there, and want a new home in the area they are familiar with,” says Gafoor of PropNex.
Norwood Grand is only a four-minute walk from Woodlands South MRT Station, making it the closest condominium to an MRT station in Woodlands, adds Gafoor.
Many buyers saw the potential in the upcoming Woodlands Regional Centre, the 70-ha Woodlands North Coast – an upcoming waterfront mixed-use business and lifestyle precinct – as well as the Johor Bahru-Singapore Rapid Transit System (RTS) Link and the Johor-Singapore Special Economic Zone, according to Huttons’ Yip.
Based on ERA Singapore CEO Marcus Chu’s observation, a good proportion of the buyers were HDB upgraders in their 30s to early 40s who wanted a home for their own stay. He attributes the higher proportion of HDB upgraders to the fact that some 4,200 HDB flats in Woodlands have reached their Minimum Occupation Period (MOP) since 2021.
Artist’s impression of the 348-unit Norwood Grand (Picture: CDL)
The HDB resale price index continued its upward trend, registering its 18th consecutive quarterly increase in 3Q2024. In Woodlands, four-room HDB flats were sold for over $700,000 in 3Q2024, while five-room flats were sold for almost $800,000 during the same period, points out Chu.
The higher-than-expected 50-basis-point interest rate cut by the US Federal Reserve in September has contributed to improved market confidence and an increase in house-hunting activity, observes Chu. “Homebuyers are generally now more optimistic and forward-looking,” he says.
“Developers are taking advantage of the improved market sentiment following the interest rate cut to launch their projects in the coming weeks,” notes Gafoor of PropNex. “Over the past year, buyers lacked a sense of urgency, especially when sales at new launches were around 20% to 30%. Now that interest rates have decreased, with further cuts expected next year, borrowing capacity has improved slightly, which is encouraging homebuyers to return to the market.”
Gafoor anticipates that sales performance for upcoming residential project launches will improve. He notes, “Given the ongoing global economic uncertainty, any project that achieves over 50% sales on launch day is considered a remarkable success.”
Norwood Grand, with 84% of units sold, is the best-selling project of 2024 (Picture: EdgeProp Landlens)
Tengah, with its master plan, prioritizes connectivity as a key feature. In line with this, the upcoming Jurong Region Line (JRL) will greatly improve the town’s accessibility not just within its borders, but also to other parts of Singapore. This will greatly benefit residents of Novo Place EC, who will have easy access to multiple JRL stations, streamlining their daily commute. Furthermore, the town will also boast a comprehensive network of pedestrian and cycling paths, providing residents with alternative modes of transportation and reducing reliance on cars. Experience this well-connected town by calling Novo Place Tengah your home. Visit Novo Place Tengah for more information.
He also foresees “a surge of new project launches towards the end of the year,” as developers aim to take advantage of the limited time before the year-end school holidays begin in mid-November. 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 condominium Novo Place at Plantation Close. The latest listings for Norwood Grand, condominium properties can be found through the intelligent assistant ‘Buddy’ developed by EdgeProp which has also partnered with 11 developers to provide insights on nine new projects.
(Writing by Adeline Tan, Property Review Asia)