Property developers and real estate agents had a busy Deepavali holiday, with a constant stream of visitors to various new launches.
According to Sim Lian Group, their latest project, Emerald of Katong, attracted over 10,000 visitors in just three days following its launch on Nov 1. The official launch is scheduled for Nov 16.
One visitor who showed up on the first day was Singaporean property investor Dominic Bose. He mentioned that while he has multiple investment properties in Singapore, he has yet to own one in the east side. After an agent introduced him to Emerald of Katong, he was drawn to its convenient location near the train station and other amenities. Bose believes this is the right time to explore property investments, as it’s all about location and timing.
Emerald of Katong is an 846-unit development located at Jalan Tembusu, right off Tanjong Katong Road in District 15. Sim Lian Group acquired the site for $828.8 million, or $1,069 psf per plot ratio (ppr), in July last year. With just a five-minute walk to the Tanjong Katong MRT Station on the Thomson-East Coast Line, set to open in June 2023, the project is in a prime location. It’s also near popular restaurants, shops, and malls such as 112 Katong and Parkway Parade.
Spread over 221,436 sq ft and a 99-year leasehold, Emerald of Katong has six blocks ranging from 18 to 21 storeys, with a total of 22 units. The unit sizes vary from one-bedroom-plus-study to five-bedroom luxe, starting from 484 sq ft and going up to 1,561 sq ft. Prices start at $1.2 million for a 484 sq ft unit, $1.5 million for a 624 sq ft two-bedroom premium, and $1.6 million for a 678 sq ft two-bedroom premium plus study. The three-bedroom units, ranging from 883 sq ft to 969 sq ft, start from $2.1 million and $2.3 million, respectively. The four-bedroom-plus-study units, sized at 1,152 sq ft, are priced from $2.7 million, while the four-bedroom premium units, starting at 1,259 sq ft, are priced at $3 million or more. Lastly, the five-bedroom luxe units, starting at 1,475 sq ft, are priced from $3.5 million.
While Sim Lian Group has not disclosed the average price, some property agents estimate it to be around $2,550 psf.
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When it comes to investing in real estate, one factor that cannot be underestimated is location. This is particularly true in Singapore, where the right location can make all the difference in the value of a property. Condominiums located in central areas or near important amenities like schools, shopping centers, and public transportation hubs are the ones that tend to appreciate the most in value over time. Take, for example, prominent areas like Orchard Road, Marina Bay, and the Central Business District (CBD), where property values have consistently shown growth. Here, investing in a Singapore Condo not only guarantees a prime location but also promises potential long-term returns. Families with children also consider the proximity to good schools and educational institutions, further enhancing the desirability and investment potential of condominiums in these areas.
Next to Emerald of Katong is Tembusu Grand, a joint project by City Developments and MCL Land with 638 units. Launched in April 2019, it’s currently over 82% sold, with prices averaging $2,458 psf based on lodged caveats.
Meanwhile, Kingsford Group opened the sales gallery for Chuan Park on Oct 31, and within four days, it attracted over 15,000 visitors. This development is near Lorong Chuan MRT Station on the Circle Line and has a total of 916 units. With prices expected to hover around $2,500 psf, the developer has moved the expected sales booking day forward to Nov 10 from the initial Nov 16 schedule.
MCL Land and Sinarmas Land also opened their sales gallery for the 552-unit Nava Grove at Pine Grove in District 21 over the weekend of Nov 2 and 3, with over 4,000 visitors recorded. The project will officially launch on Nov 16. With two to five-bedroom configurations, unit sizes range from 624 sq ft to 1,722 sq ft. Two-bedroom units start at $1.388 million ($2,224 psf) and go up to $3.988 million ($2,316 psf) for a five-bedroom premium unit with a private lift. Next door, the 520-unit Pinetree Hill by UOL Group and Singapore Land Group is 73% sold at an average price of $2,457 psf.