Novo Place Ec Achieves 57 Sales Launch Day Average Price 1654 Psf

By Sam BakerSales of units at Novo Place, the 504-unit executive condo in Tengah, began on the morning of November 16. Developed jointly by Hoi Hup Realty and Sunway Developments, the project saw a strong take-up rate of 57%, with 286 units sold at an average price of $1,654 per square foot. According to Mark Yip, CEO of Huttons Asia, this is a reflection of the robust demand from buyers who are seeking an affordable private residential lifestyle. However, Yip also believes that the take-up rate could have been even higher if not for the 30% quota for second-time buyers.”It is a strong take-up, reflecting robust demand from buyers seeking an affordable private residential lifestyle,” says Mark Yip, CEO of Huttons Asia. “The take-up rate could have been even higher if not for the 30% quota for second-timers.”The split between first- and second-timer buyers was 47% and 53%, respectively. “The government may want to consider increasing the quota for second-timers,” Yip suggests. “The balloting for second-timers in one month is likely to see strong demand.” This quota, equivalent to 151 units, was fully taken up by 1 pm on launch day. However, second-timers will have another opportunity to purchase units at Novo Place when the quota is lifted 30 days later, allowing them to make bookings starting from Dec 16.Of the 287 units sold at Novo Place, 76% of buyers opted for the deferred payment scheme, while 24% chose the normal payment scheme, according to Huttons. Under the deferred payment scheme, buyers can lock in their preferred unit first and service the loan later, which eases the financial burden for HDB upgraders who still have an outstanding loan on their flat. In addition, buyers are granted upfront remission on the Additional Buyer’s Stamp Duty (ABSD), which allows them to continue staying in their existing flat and sell it within six months of collecting the keys to their new EC unit.Located in Tengah’s Plantation district, Novo Place is within walking distance of the upcoming Tengah Park MRT Station on the future Jurong Regional Line. The station is expected to be completed by 2028. The project comprises seven 18-storey residential blocks with a unit mix of three- to four-bedroom plus-study units. Currently, the three-bedroom plus-study units are 97% sold, while the four-bedroom units are fully sold. More than half of the four-bedroom plus-study units have been sold as well. According to Huttons’ Yip, this is indicative of the demand from HDB upgraders who are looking for a bigger space and greater flexibility in terms of space use.Novo Place is the second EC project launched this year, after the 512-unit Lumina Grand at Bukit Batok West Avenue 5 by City Developments Ltd. As of now, it is 84% sold, with an average price of $1,510 psf. With future EC launches expected to be priced higher due to rising land and construction costs, the current buyers at Novo Place are in a more advantageous position, according to Eugene Lim, key executive officer of ERA Singapore.

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