On December 16, 137 units were sold at Novo Place executive condominium (EC) during the second round of balloting by joint venture developers Hoi Hup Realty and Sunway Developments. This phase was specifically open to second-timers, which includes buyers who have previously purchased a subsidized flat, whether it be a new or resale HDB flat or an EC. This brings the total units sold at Novo Place to 444 units, representing 88.1% of the development, according to Huttons Asia CEO, Mark Yip. The sales were achieved within a month of the project’s launch on November 16, making it the best-selling EC project of 2024, according to Yip.
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Yip notes that this success is a result of a strong interest from second-timers looking to upgrade their lifestyle, with many of the buyers being residents in the West. The project also saw a high demand for spacious homes, with all four-bedroom units being sold out.
Novo Place is located at Plantation Close in the new Tengah town and is just 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. According to Yip, this is a rare feature for an EC project.
Huttons also reports that many buyers have chosen the deferred payment scheme, which allows them to secure their desired unit while deferring their home loan payments. This option is especially helpful for HDB upgraders who still have an outstanding loan on their current flat.
ECs are experiencing strong demand from HDB upgraders due to their comparable quality and finishes to private condominiums but at a more affordable price, Yip explains. Additionally, buyers can enjoy upfront remission on the Additional Buyer’s Stamp Duty (ABSD). As of December 16, the average price of units sold at Novo Place is $1,656 psf.
Overall, Novo Place has been a highly successful project and is proving to be a popular choice among HDB upgraders looking for a quality and affordable home in the West. With its strategic location and attractive payment scheme, it is no surprise that units are selling fast. Interested buyers can check for available units and keep an eye out for upcoming new launch projects in the area.