On December 16, Hoi Hup Realty and Sunway Developments, joint venture developers, successfully sold 137 units at Novo Place executive condominium (EC) during the second round of balloting. This phase was exclusively open to second-timers, who are buyers that have previously purchased a subsidized flat, whether as a new or resale HDB flat or an EC.
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According to Mark Yip, CEO of Huttons Asia, the sale of these 137 units brings the total number of units sold at Novo Place to 444, which represents 88.1% of the entire development. This achievement was made within a month of the project’s launch on November 16, making it the top-selling EC project of 2024.
Yip notes that this high demand reflects a strong interest from second-timers looking to upgrade their lifestyle, with many buyers being residents in the West. He also observes that all four-bedroom units at Novo Place have been quickly sold out, highlighting the high demand for spacious homes.
Novo Place is situated at Plantation Close in the new Tengah town and is only 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 notes that many buyers have opted for the deferred payment scheme, which allows them to secure their desired unit and defer their home loan payments. This option helps ease the financial burden for HDB upgraders who still have an outstanding loan on their current flat.
Yip adds, “ECs are experiencing strong demand from HDB upgraders due to their comparable quality and finishes to private condominiums, but at a more affordable price.” Additionally, buyers can enjoy upfront remission on the Additional Buyer’s Stamp Duty (ABSD).
As of December 16, caveats lodged indicate that the average unit price at Novo Place is $1,656 per square foot. For those interested, they can explore comprehensive data about all ECs, including the average profit at 5 and 10 years. There are still available units left in Novo Place, which is worth checking out.