Table of Contents
November is a hertic month as developers line up their development to launch in the first 2 weeks of November namely: The Collective at One Sophia, Union Square Residences, Emerald of Katong, Chuan Park, Nava Grove and Novo Place EC.
“We were first worried that starting six projects within 14 days might cause some of them to be eclipsed by others,” explains PropNex CEO Ismail Gafoor.
“Homebuyers had the chance to visit all the developments before selecting their preferred one,” says Gafoor, citing 3,551 apartments on sale. ” Actually, having so many choices in a short period seems to let consumers make judgements faster. If the launches had been staggered over two months, the curiosity may not have been as strong.”
Notes Gafoor also mentioned Kingsford Group’s forward movement of the 916-unit, 99-year leasehold Chuan Park from Nov 10 from Nov 16. “Those whose first choice might have been Chuan Park but were unable to secure a unit there had the opportunity to consider Emerald of Katong instead,” adds Gafoor. ” Prospective purchasers would have been conflicted between the two projects if they had started on the same weekend. Both projects benefitted by pushing ahead Chuan Park’s launch.”
Top Selling Condos are
1) Emerald of Katong sold 99% at $2,621 psf
Over its preview weekend, Emerald of Katong reported robust sales as developer Sim Lian Group sold 835 of 846 apartments (98.7%) in two days. Its VIP sales on November 15 attracted 401 units (47%), then another 434 units on November 16. Units sold over the weekend had an average price of $2,621 psf.
“It most likely has the most units sold in a day—better than J’Gateway’s 738 units in June 2013,” says Mark Yip, CEO of Huttons Asia.
At Emerald of Katong, only 11 units—nine one-bedroom and two five-bedroom units—remain available. Sales of all two-, three- and four-bedroom apartment models have been sold. “Buyers preferred the bigger units with either a study or flex layout,” Yip says. “They were probably buying for owner-occupation, requiring the study or adaptable design to fit their way of life.”
Based on both the number of units and the percentage sold over its opening weekend, Lee Liat Yeang, the real estate senior partner of Dentons Rodyk & Davidson LLP, the developer’s attorneys, believes Emerald of Katong to be the top-selling property of 2024. Given that the 99-year leasehold project at Jalan Tembusu in District 15 opens on two other projects on the same weekend, its sales result is quite noteworthy.
“District 15 has consistently been among the top Districts to remain in Singapore based on caveats registered. The East Coast lifestyle and the small number of big projects attracted buyers to Emerald of Katong,” he explains. “Based on other new projects in the RCR [Rest of Central Region], which have a median price of $2,955 psf, Emerald of Katong’s starting price from $2,424 psf is quite attractively priced,” says Marcus Chu, CEO of ERA Singapore.
Those buyers unable to find a unit at Emerald of Katong resorted to other significant condo developments in the area, most notably the three projects started last year: the 1,008-unit, 99-year leasehold Grand Dunman; the 638-unit, 99-year leasehold Tembusu Grand; and the 816-unit, freehold The Continuum. Huttons’ Yip says, “all three recorded good sales on Saturday.”
[su_button url=”https://www.propertyreview.sg/emerald-of-katong/” wide=”yes” target=”_blank”] View More About Emerald of katong [/su_button]
2) The Chuan Park sold 76% at Average $2,570 psf
Developer Kingsford Group transferred 696 (76%) out of 916 units at Chuan Park at average price of around $2,579 psf.
According to a Kingsford representative, the units sold varied from two-bedroom, two-bedroom+study and three-to- five-bedroom properties. About 93% of all homebuyers in Singapore are citizens; the other 7% are foreigners and permanent residents.
The developer’s choice to keep pricing constant throughout its debut day despite an enormous reaction also helped to explain Emerald of Katong’s robust sales. Collecting 3,629 checks overall as expressions of interest, the initiative was 4.3 times oversubscribed. “Sim Lian did not raise their selling prices from the initial price list,” notes Gafoor. “Although their queue number was as high as 3,000,’ it reassured buyers and their agents that they still had a chance to land a unit at the same price.”
Ismail Gafoor, CEO of PropNex, claims that around 92% of the units sold were two- and three-bedroom homes and that 8% were four- and five-bedroom ones. For two-bedders, the transaction prices across all units sold varied from $1.6 million; for a five-bedroom apartment, they ranged from $4.3 million. ”
Generally, we think the developer has priced the project sensitively in view of the overwhelming demand, including from prospective buyers within District 19,” he says.
Marcus Chu, CEO of ERA Singapore, said that two- and three-bedroom homes were obviously popular as most purchasers fall in their 30s and 40s. Many of the purchasers, he observes, were upgrading from neighbouring older HDB apartments or condos. “Meanwhile, older buyers who are downing from landed properties usually prefer the larger four- or five-bedroom units,” he says.
In terms of number of units sold, Chuan Park has consequently become the top-selling property for 2024. It exceeded the 400 units (75%), sold at the 533-unit Lentor Mansion in March. Still the highest, however, by percentage of units sold, Norwood Grand—launched in October—is at 84% or 292 out of 348 units.
“Beyond being the most sold project of 2024, Chuan Park is also the fastest-selling since J Gateway, which sold all 738 units on its first day of launch in 2013,” adds Mark Yip, CEO of Huttons Asia.
For Kingsford, this result represents again another noteworthy accomplishment. Their 1,862-unit Normanton Park project sold over 600 apartments on the first weekend of debut in January 2021. Amazingly, after 18 months all of the condos sold completely.
In July 2022 Kingsford paid $890 million for the 99-year leasehold, 400,500 square foot Chuan Park land. Since the 468-unit The Scala’s opening in August 2010, the location represents the first private condominium launch in the region near Lorong Chuan MRT Station.
Two commercial buildings distributed on a 99-year leased land of 400,500 sq ft; the project comprises five blocks, three 22-storeys and two 19-storeys. From 700 sq ft to 1,841 sq ft, the 916 units span two-to five-bedroom configurations.
Chuan Park Price Guide
- 2RM: $1.5xm+
- 3RM: $2.1xm+
- 4RM: $3.7xm+
Notes PropNex’s Gafoor, Chuan Park is tucked inside a wealthy private residential enclave flanked by the Serangoon Gardens, Li Hwan, and Tai Hwan landed housing estates.
Chuan Park is close to the Rest of Central Region (RCR), albeit being part of the Outside Central Region (OCR). Managing partner of SRI Ken Low notes that Serangoon, Toa Payoh, Ang Mo Kio, Bishan, and the newly developed Bidadari Estate are among the near “million-dollar HDB estates.
According to ERA, “the Golden Triangle of Ang Mo Kio/Bishan, Toa Payoh and Serangoon” has over 126,000 HDB apartments and 54,000 private residential units close to Chuan Park. 233 HDB units in Ang Mo Kio, Bishan, Toa Payoh, and Serangoon changed hands for at least $1 million in the first ten months of the year. “Should they wish to, these HDB owners are in a good financial situation to upgrade to private residential properties,” Chu says.
Based on Yip from Huttons, the launch of Chuan Park was among the most awaited events this year. With more than 2,800 checks gathered from potential purchasers ahead of the sales debut on Nov 10, the preview period from Deepavali Day (Oct 31) to Nov 7 drew over 20,000 visitors.
Originally set for Nov 16, Chuan Park’s debut was moved to Nov 10. “Bringing forward Chuan Park’s launch has allowed investor and homebuyer demand to spread across various new developments,” mentioned Low of SRI.
[su_button url=”https://www.propertyreview.sg/the-chuan-park/” wide=”yes” target=”_blank”] View More About The Chuan Park [/su_button]
3) Nave Grove Sold 65% sales on launch weekend at an average price of $2,448 psf
Joint developers MCL Land and Sinarmas Land said on Nov 17 that 359 out of the 552 apartments at Nava Grove had been sold. The project clocked in an average price of $2,448 psf.
On Saturday, November 16 the joint developers started sales reservations for Nava Grove. The positive reaction to Nava Grove’s launch weekend confirms the great appeal of this exclusive, nature-infused enclave,” stated John Simpkins, CEO of MCL Land.
Nava Grove Price Guide
- 2RM: from $1.338m
- 3RM: from $2.188m
- 4RM: from $2.988m
- 5RM: from $.3.988m
“The outstanding take-up rate of Nava Grove reflects strong confidence in its unique attributes—proximity to the Core Central Region (CCR) and attractive pricing,” says Ken Low, managing partner of SRI. “We seen a good mix of investors and homeowners, with strong sales across all unit types, from two- to five-bedroom units.”
Nestled in Pine Grove in District 21 within the Rest of Central Region (RCR), Nava Grove SRI cites “a compelling product offering, efficient layouts, modern luxurious finishes, and excellent views both internally and towards the Clementi Forest” for the good sales success.
Low adds that occupants of the 99-year leasehold property, whose building footprint covers less than 20% of its 269,522 sq ft, would benefit from large manicured grounds and thorough amenities.
“As one of the last new launches for 2024, Nava Grove’s success wraps up the year on a very positive note,” adds Low. “It proves strong demand and buyer confidence in the main segment of our real estate market.”
Marcus Chu, CEO of ERA Singapore, claims that purchasers include professionals in their 30s and 40s as well as wealthy families from the Holland Road, Mount Sinai and Leedon landed house estates. Notes Chu, the most sought-after apartments were two- and three-bedrooms under $2.5 million. Larger four- and five-bedroom apartments were sought after by purchasers right-sizing from landed houses.
About 83% of the two-bedroom and 71% of the three-bedroom flats sold, according to Mark Yip, CEO of Huttons Asia. “Many purchasers of the premium units demonstrated a readiness to pay more to live in this private residential enclave.”
Pinetree Hill, 520 units, is next door to Nava Grove. At a median price of $2,502 psf, 72 units were sold at September’s opening of its second phase. Another 71 apartments were sold in October with a median price of $2,541 psf. At an average price of $2,461 psf, Pinetree Hill is consequently 73% sold to date.
With 65% of the development sold despite nearby project competition, Ismail Gafoor, CEO of PropNex, notes “Nava Grove has done exceptionally well, with sales momentum in recent months, and the fact it’s not near an MRT station.”
One-north and Singapore Science Park as well as Jurong Lake District’s employment centres are conveniently close by driving distance. Additionally close by is the retail strip on Orchard Road. Christine Sun, OrangeTee Group chief researcher and strategist, says “the location offers residents quick access to employment hubs, a diverse array of dining options and varied recreational activities”. “Expatriates especially value properties in District 21 because of their accessibility and proximity to prestigious universities.”
The executive director and vice-chairman of Sinarmas Land Indonesia Division, Margaretha Widjaja, anticipates Nava Grove, the company’s first residential project in Singapore, being “a cherished home for those seeking an elevated lifestyle in the city”.
[su_button url=”https://www.propertyreview.sg/nava-grove/” wide=”yes” target=”_blank”] View More About Nava Grove [/su_button]
4) Novo Place EC sold 57% at Average $1,654 psf
November 16 saw sales preview at the 504-unit Novo Place EC. Built jointly by Hoi Hup Realty and Sunway Development, the executive condo (EC) sold 286 units or 57%, at an average price of $1,654 psf.
“It is a strong take-up, reflecting robust demand from buyers seeking an affordable private residential lifestyle,” notes Huttons Asia CEO Mark Yip. “Had not the 30% quota for second-timers, the take-up rate might have been even higher.”
First- and second-time purchasers divided out as 47% and 53%, respectively. “The government could wish to think about raising the second-timers’ quota,” Yip advises. “There will probably be great demand for second-timers’ ballot in one month.”
Second-timers are people who have already bought Executive Condominiums (EC) or a new or resale HDB apartment.
According to Ismail Gafoor, CEO of PropNex, the 30% quota—equivalent to 151 units—set aside for second-timers at Novo Place was totally sold by 1 pm on opening day. Second-timers, he notes, will have another chance to buy Novo Place when the quota is raised thirty days later, therefore enabling reservations beginning from December 16.
287 units sold in Novo Place, 76% of customers picked the delayed payment plan and 24% chose the regular payment plan.
The only housing category that gives purchasers the choice of a delayed payment plan is ECs. This system helps them service the debt later and lock in their favourite apartment first. “It helps HDB upgraders who still have an outstanding loan on their flat to manage their financial load,” adds Yip.
Purchasing a new EC also benefits HDB upgraders who are given upfront remission on the Additional Buyer’s Stamp Duty (ABSD). “They can keep living in their current flat and sell it six months after getting the keys to their new EC unit,” says Yip.
Novo Place, which falls in Tengah’s Plantation area, will be within walking distance of the proposed Jurong Regional Line’s Tengah Park MRT Station. By 2028 the station should be finished.
There are seven eighteen-story residential buildings in the EC project, with three—to four-bedroom plus-study flats mixed together. Four-bedroom homes are totally sold; the three-bedroom plus-study flats are 97% sold. More than half sold are the four-bedroom plus-study apartments. Notes Huttons’ Yip, the sales figures match demand from HDB upgraders seeking more room and more freedom in terms of space utilisation.
Launched this year, Novo Place is the second EC initiative. First, inaugurated in January, the 512-unit Lumina Grand at Bukit Batok West Avenue 5 by City Developments Ltd. At an average price of $1, 510 psf, it is 84% sold so far.
“Current EC buyers are already in a more advantageous position since future EC launches expected to be priced higher due to rising land and construction costs,” says Eugene Lim, chief executive officer of ERA Singapore.
[su_button url=”https://www.propertyreview.sg/novo-place/” wide=”yes” target=”_blank”] View More About Novo Place [/su_button]
5) Union Square Residences sold 20% at Average of $3,200 psf
City Developments Limited (CDL) sold about 75 units or 20% at an averange of S$3,200 per square foot (psf) at Union Square Residences. Sold for S$9.288 million (S$3,751 psf), the 2,476 square feet (sq ft) five-bedroom Sky Suite on level 38 Priced at S$9.5 million (S$3,837 psf), the five-bedroom Sky Suite on level 39 is together with the one and only private Penthouse on level 40, the two Sky Suites provide breathtaking views of the Singapore River and Marina Bay.
While the remaining 17% include Permanent Residents (PRs) from China, Malaysia, the UK and the Netherlands, and foreigners from Norway and the USA, around 83% of the purchasers are Singaporeans. Homebuyers welcomed all kinds of apartments; the most often used ones were the one-bedroom, two-bedroom, and three-bedroom luxury ones.
Union Square Residences is part of Union Square, a major mixed-use development encompassing office, retail and F&B space, and a co-living component with a hotel license, situated in the midst of the lovely Singapore River area and at the entrance to the Central Business District (CBD). The redevelopment proposal rests on Central Square in premium District 1 and old Central Mall (office and conservation buildings).
Union Square Residences, housed in a 40-storey high residential skyscraper with commercial units on floors 1 and 2, has amazing views of the Singapore River, Marina Bay, Pearl’s Hill and Fort Canning Hill. It is easily linked to the Union Square Central 20-storey Grade A premium office complex as well as other stores and eateries. Apartments range in price from S$1.38 million for a one-bedroom (463 sq ft), S$1.998 million for a two-bedroom (700 sq ft), S$2.82 million for a three-bedroom (990 sq ft), S$4.62 million for a four-bedroom premium unit (1,518 sq ft), and S$9.288 million for the Sky Suite at levels 38 and 39.
The Group Chief Executive Officer of CDL, Mr Sherman Kwek, remarked, “The encouraging take-up for Union Square Residences reflects the consistent interest from homebuyers who recognise the enduring value of a prime mixed-use development.” Union Square Residences provides a unique and sought-after chance to be part of an iconic change right at the CBD entrance and within walking distance to three MRT stations. The well crafted residences in a lively neighbourhood with public areas, stores, workplaces, and dining choices right at their doorstep will be much appreciated by buyers We are sure that the special qualities and ease of Union Square Residences will draw great demand always.
Considered as a famous site at the entrance to the CBD, Union Square Residences provides first-rate connection with three MRT stations at walking distance (Clarke Quay, Chinatown and Fort Canning). Surrounded by F&B, retail stores and conservation shophouses at its doorstop to the entertainment buzz of the newly rejuvenated Clarke Quay and the upcoming Canning Hill Square, Union Square Residences is just minutes from the Orchard Road shopping belt, Chinatown, Marina Bay Sands, Fort Canning Park, Singapore Botanic Gardens, Esplanade and Gardens by the Bay; with many museums, galleries and theatres in the Civic District close by.
To improve the living experience, Union Square Residences provides thorough amenities at two main floors. On level three, the Social Vista has a 30-metre lap pool, Aqua Gym and Wellness Pool. While the Co-working Studio offers a useful area for remote work, the Club Social is the ideal setting for events. While the Sky Pool views the Singapore River and Fort Canning Hill, the Union Vista features a magnificent Club Union and Sky Gym on level 34 with breathtaking city views. One may also eat and drink in the fully furnished Club Gourmet and Alfresco Dining and rest in the Spa Alcove. Seven separate Recreational Pods also fit rather well on many tiers, moving from lively areas to peaceful havens.
Every unit has custom kitchens with Liebherr, De Dietrich and V-Zug’s top brand equipment, including the cutting-edge MDi designed stone induction hob made under the European brand Inalco. Complementing engineered stone vanity tops, bathrooms have Hansgrohe and Geberit equipment.
Renowned Italian manufacturer Rimadesio supplies chic walk-in closets in the master bedroom of the four-bedroom luxury apartments, Sky Suites and Penthouse. Every flat incorporates a Smart Home Gateway system with digital lockset, smart camera remote surveillance, smart voice control for home appliances, smart air conditioning and lighting controls. For their concierging requirements, residents will also benefit from on-site Premier Residential Services.
[su_button url=”https://www.propertyreview.sg/union-square-residences/” wide=”yes” target=”_blank”] View More About Union Square Residences [/su_button]
6) The Collective at One Sophia Sold 10% at an Average of $2,750psf
Selling 35 apartments at The Collective at One Sophia, joint venture partners SingHaiyi Group and Ultra Infinity established an average selling price of $2,750 psf. Starting on Wednesday, Nov 6, the units were offered over a two-day preview sale.
Comprising 365 condominiums, the Collective at One Sophia is the residential element of a mixed-use complex along Sophia Road. Along with 122 strata office flats on the top 11 stories, the project includes a 13-story commercial tower including 127 strata-titled retail units on a two-storey retail platform.
Since its opening last month at an average selling price of $3,330 psf, around 34% of the strata office apartments had sold. Right now, the 35 residential units at The Collective at One Sophia account for around 9.5% of the overall count.
From its original date—January next year—the sales preview of The Collective at One Sophia was shifted forward. The developer claims that their accelerated preview and launch timetable resulted from the great purchasing demand they got for the commercial unit sales debut last month.
“We decided to have a preview sale in November in response to the strong interest and questions we had from prospects who visited the strata office launch. Raymond Chia, group chief executive officer of SingHaiyi, notes the great demand for our stratum office and the fervent desire for The Collective at One Sophia, thereby indicating their potential as a centre for living and business.
From studios to three-bedroom unit, The Collective at One Sophia offers units ranging in size from 430 square feet to 1,249 square foot. While the three-bedders are priced from $2.85 million ($2,782 psf), studios run from $1.14 million ($2,650 psf). The condo will include facilities like a pool, Azure Spa, social club, lounge deck, games room and sky alcove.
Given new house sales in the Core Central Region (CCR) have been down since April 2023, Ismail Gafoor, CEO of PropNex, notes the sales success of The Collective at One Sophia is “very encouraging”.
This was when the government quadrupled the extra buyer’s stamp duty (ABSD) from 30% to 60% imposed on overseas purchasers of their first Singaporean property.
Gafoor further notes that for the entire of 3Q2024 developers only sold 54 new private residential units in the CCR. “The Collective at One Sophia’s preview sales are already more than half of that figure,” he adds.
CEO of ERA Singapore Marcus Chu agrees, noting: “Given the number of projects launching this month, the short private preview showed that interest level was very encouraging and buyer interest remains firm.”
Before the sales gallery shuts in December ahead of its general release in January 2025, The Collective at One Sophia will have a preview sale running from 6 to 30 November.
[su_button url=”https://www.propertyreview.sg/the-collective-at-one-sophia//” wide=”yes” target=”_blank”] View More About The Collective @ One Sophia [/su_button]
Improved Market Sentiments from Better Economic Growth and Cut in Interest Rate
Huttons’ Yip attributed the great sales momentum to “better economic growth and cuts in interest rates”, which have drawn more purchasers to the new houses market because to their enhanced borrowing ability. He also notes that reduced returns on other investment vehicles might have motivated more people to give property first priority.
Huttons projects that November’s developer sales might be as high as 2,200 units, close to the levels seen in March 2013, when 2,793 units were sold.
On-the-ground observations show an increasing number of potential local and international purchasers using trust arrangements to acquire houses for their children. “Investing in residential property may be a kind of wealth planning and preservation,” he explains. This pattern, he notes, captures both an infusion of foreign money into Singapore and growing riches among local purchasers.
Huttons’ figures from the Monetary Authority of Singapore (MAS) reveal that, as of August 2024, there were 1,650 single-family offices—a 250 rise from the end of 2023. In the first nine months of 2024, the M1 money supply—which comprises cash, demand deposits, and other liquid funds—rose by $10.2 billion.
