A total of 137 units were sold at Novo Place executive condominium (EC) during the second round of balloting on Dec 16 by joint venture developers Hoi Hup Realty and Sunway Developments. These units were open to second-timers, which means buyers who have previously purchased a subsidized flat, whether it was a new or resale HDB flat or an EC.
The sale of these 137 units brings the total number of sold units at Novo Place to 444, which represents 88.1% of the development, according to Huttons Asia CEO Mark Yip. He also adds that this milestone was reached within a month of the project’s launch on Nov 16, making it the best-selling EC project of 2024.
Yip also notes that this strong demand reflects the interest from second-timers who are looking to upgrade their lifestyle. He mentions that many of the buyers are currently living in the West.
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Data from Huttons also reveals that all four-bedroom units at Novo Place have been fully sold, highlighting the high demand for spacious homes. The showflat of a four-bedroom-plus-study unit at Novo Place shows that all four-bedders have been sold.
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). This 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.
According to Huttons, many buyers have opted for the deferred payment scheme, which allows them to secure their desired unit first while deferring their home loan payments. This is particularly helpful for HDB upgraders who still have an outstanding loan on their current flat, as it eases their financial burden.
Yip explains that 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 also enjoy upfront remission on the Additional Buyer’s Stamp Duty (ABSD).
As of Dec 16, the average price of units sold at Novo Place is $1,656 psf, according to caveats lodged. Interested buyers can check out the latest listings for Novo Place properties and see the available units left.
Looking at the condo sale transactions in District 24, it is evident that Novo Place is a popular choice among buyers. For those who are interested, they can also explore other upcoming new launch projects in the area.