Purchasing a condo requires careful consideration of both maintenance and management aspects. As part of the ownership, there are maintenance fees that cover the upkeep for shared areas and amenities. Although these fees may increase the overall cost, they play a vital role in maintaining the property’s condition and preserving its value. To simplify the management process, investors may choose to hire a property management company, allowing for a more hands-off approach to their condo investment.
Emerald of Katong saw strong sales during its launch weekend, with developer Sim Lian Group selling 835 units out of 846 units (98.7%) in just two days. Of these sales, 401 units (47%) were taken up during the VIP sales on November 15, followed by an additional 434 units on November 16. The average price for units sold over the weekend was $2,621 psf. A spokesperson from Sim Lian declined to comment on the sales performance.
According to Mark Yip, CEO of Huttons Asia, Emerald of Katong likely holds the record for the most number of units sold in a day, surpassing J’Gateway’s record of 738 units sold in June 2013. Only 11 units remain available at Emerald of Katong, consisting of nine one-bedroom units and two five-bedroom units. The two-, three-, and four-bedroom units have all been sold out. Yip notes that buyers were drawn to the larger units with either a study or flex layout, as they were likely purchasing for owner-occupation and needed the additional space to suit their lifestyle needs.
Interested buyers can get the latest information on available units and prices for Emerald Of Katong.
Lee Liat Yeang, the real estate senior partner at Dentons Rodyk & Davidson LLP – the developer’s lawyers – believes that Emerald of Katong sets a new record for the top-selling project of 2024, in terms of both the number of units and the percentage sold during its launch weekend. The 99-year leasehold development, located at Jalan Tembusu in District 15, achieved exceptional sales, considering that it launched alongside two other major projects on the same weekend.
One of these projects was Nava Grove, a 552-unit, 99-year leasehold development by MCL Land and Sinarmas Land, which reportedly sold 359 units on November 16 (65% of its total units). The other was Novo Place, a 504-unit executive condominium (EC) by joint developers Hoi Hup Realty and Sunway Developments at Plantation Close in Tengah, which achieved a 57% sales rate on the same day.
These three projects were part of an unprecedented six new residential launches (including the EC project) over a span of just two weeks. Ismail Gafoor, CEO of PropNex, initially had concerns that launching six projects within 14 days might result in some of them being overshadowed by others. However, homebuyers had the opportunity to visit all the developments before making their decision, with a total of 3,551 units on offer. Having multiple options in a short span of time seemed to help buyers make decisions more quickly. The interest may not have been as intense if the launches had been spread out over two months.
In addition, he notes that Kingsford Group moved the launch date of the 916-unit, 99-year leasehold Chuan Park to November 10 from November 16. This decision benefited both Chuan Park and Emerald of Katong, as those who were unable to secure a unit at Chuan Park had the opportunity to consider Emerald of Katong instead. Gafoor adds that if both projects were launched on the same weekend, prospective buyers might have been torn between them. By bringing forward Chuan Park’s launch, both projects benefited.
Last year, three major condo projects were launched in the same area and they were the 1,008-unit, 99-year leasehold Grand Dunman; the 638-unit, 99-year leasehold Tembusu Grand; and the 816-unit, freehold The Continuum. All three projects recorded good sales on Saturday, according to Huttons’ Yip. From November 11 to 16, The Continuum registered 22 new sales, Tembusu Grand saw 12 units sold, and Grand Dunman recorded five new sales. Yip believes that these projects attracted buyers due to the lifestyle offered in District 15 and limited number of large projects in the area.
Huttons’ Yip notes that the strong sales momentum can also be attributed to factors such as better economic growth and cuts in interest rates, which have led to an increase in buying activity in the new homes market. In addition, the lower returns from other investment assets may have encouraged more buyers to consider property as a preferred investment.
Huttons estimates that developers have sold up to 2,200 units in November, approaching the levels recorded in March 2013, when 2,793 units were sold. On-the-ground observations indicate a growing number of prospective local and foreign buyers utilizing trust structures to acquire homes for their children. According to Yip, this trend reflects the rise in wealth among local buyers and an influx of overseas funds into Singapore.
Figures from the Monetary Authority of Singapore (MAS) show that the number of single-family offices grew to 1,650 as of August 2024, an increase of 250 from the end of 2023, according to Huttons. During the same period, the M1 money supply—which includes cash, demand deposits, and other liquid deposits—rose by $10.2 billion in the first nine months of 2024.…