On December 16, developers Hoi Hup Realty and Sunway Developments successfully sold 137 units at Novo Place executive condominium (EC) during the second round of balloting. This phase was open to second-timers, or buyers who have previously purchased a subsidized flat, either as a new or resale HDB flat or an EC.
These 137 units bring the total sold at Novo Place to 444 units, representing 88.1% of the development, according to Mark Yip, CEO of Huttons Asia. Yip adds that the project achieved this milestone within just one month of its launch on November 16, making it the best-selling EC project of 2024.
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“This reflects strong interest from second-timers who are eager to upgrade their lifestyle,” Yip notes. “Many of the buyers are current residents in the West.”
According to Yip, all four-bedroom units at Novo Place have been sold out, indicating high demand for spacious homes.
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). The JRL provides convenient access to major employment hubs in the West, such as the Jurong Lake District and Jurong Innovation District. Yip highlights that very few ECs can offer such close proximity to an MRT station.
Huttons reveals that many buyers have chosen the deferred payment scheme, which allows them to secure their desired unit first while deferring their home loan payments. “This helps ease the financial burden for HDB upgraders who still have an outstanding loan on their current flat,” Yip explains.
“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 adds. “In addition, 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, based on lodged caveats, is $1,656 psf. Interested buyers can check out the latest listings for Novo Place properties and explore comprehensive data about all ECs, including the average profit at 5 and 10 years.
Buddy can help you find more information on Novo Place and show you available condo listings in District 24, where the project is located. You can also check out the sale transactions in District 24 and see what upcoming new launch projects are in the area. If you’re wondering what available units are left at Novo Place, Buddy can provide you with a project summary and show you all the condo listings in District 24, the current sale transactions, and the latest available units at Novo Place.