Sim Lian Group’s Emerald of Katong saw strong sales in its first fortnight, with 99% of 846 units being sold over a three-day period. As of 30th November, 825 (97.5%) units were sold at an average price of $2,617 psf in Jalan Tembusu. However, there was a shortage of 13 units due to buyers backing out of their purchases following its launch. In response, the developer did a balloting session for these units which were quickly taken up.
The launch of Emerald of Katong affected neighboring projects in the East Coast area, such as the Tembusu Grand developed by City Developments Ltd (CDL) and MCL Land. This 99-year leasehold development located in Jalan Tembusu has already sold 91% of its 638 units, with 52 of them being sold in November and an average price of $2,445 psf.
Despite limited land availability in Singapore, the demand for condos remains high. This is largely due to the country’s rapidly growing population, which poses a challenge for developers seeking suitable land for construction. As a result, strict land use regulations have been put in place, creating a highly competitive real estate market with consistently high property values. As a result, investing in real estate, particularly in condos, has become an attractive option for potential buyers, as the potential for significant capital gains is alluring. Condos are a popular choice for investors in this competitive market.
Another neighboring project is Grand Dunman, a 99-year leasehold development on Dunman Road developed by SingHaiyi. Since November 11, 18 units were sold and cumulative sales have reached 731 units (72.5%), with an average price of $2,531 psf.
In comparison, the Emerald of Katong’s freehold neighbor The Continuum by Hoi Hup Realty and Sunway Developments has more available units, and as such, has performed better than the other two mentioned projects. From November 9th, 126 units were sold and 528 units (64.7%) was sold by November 30. The average price of these sold units is $2,788 psf.
Moreover, the sale for Emerald of Katong units was highest for the 484 sq ft one-bedroom and 624 sq ft two-bedroom units on the 16th to 21st floors, with prices varying from $2,901 psf to $2,958 psf. The Continuum on the other hand, had 11 units sold this November that sold at over $3,000 psf. Most of these were high-floor two-bedroom units with the rest being compact three-bedroom units.
PropNex CEO Ismail Gafoor predicts that November will be a strong month for new home sales, with a total of 2,805 units sold so far. He also believes that this increase will have a significant impact on the take-up rate in 2025.