Novo Place, Emerald of Katong and Nava Grove launched over the weekend: Here's how they've performed 

Three highly anticipated condominium projects — Novo Place, Emerald of Katong, and Nava Grove — launched over the weekend, drawing significant attention from homebuyers.

Offering a mix of executive condos (ECs) and private units, these developments cater to a variety of needs with their strategic locations, thoughtfully designed layouts, and competitive pricing.

Here's a closer look at the sales performance, unique features, and market trends surrounding these new entries.

Novo Place: A strong start for Tengah's latest EC

Sales performance

Sales for Novo Place began on November 16, and by the end of the day, 286 out of its 504 units (57 per cent) were snapped up. The average selling price stood at S$1,654 per square foot (psf).

First-time buyers accounted for 47 per cent of sales, while second-time buyers represented the remaining 53 per cent. Notably, the 30 per cent quota for second-timers (151 units) was fully taken up by 1pm on launch day.

For those who missed out due to quota restrictions, relief is on the horizon. Starting Dec16, second-time buyers can purchase remaining unsold units as the quota restriction will be lifted.

The deferred payment scheme was particularly popular among buyers, with 76 per cent opting for this flexible option. 3-bedroom-plus-study units were in high demand, with 97 per cent sold, while all 4-bedroom units were fully booked.

Features and advantages of Novo Place

Novo Place brings several unique advantages to the table. Its deferred payment scheme allows buyers, especially HDB upgraders, to secure a unit while managing outstanding loans on their current properties.

Additionally, the upfront Additional Buyer's Stamp Duty (ABSD) remission provides financial relief by giving buyers six months after receiving their keys to sell their existing flats.

Located in Tengah's Plantation District, Novo Place enjoys proximity to the upcoming Tengah Park MRT station on the Jurong Regional Line, expected to open in 2028.

The development features seven 18-storey blocks with layouts ranging from 3- to 4-bedroom-plus-study units, catering to growing families and those seeking flexible living spaces.

Market context

Novo Place is the second EC launched in 2024, following Lumina Grand in Bukit Batok, which achieved an 84 per cent sales rate at an average price of S$1,510 psf. Rising construction and land costs suggest that EC prices will climb in the future, making projects like Novo Place a strategic choice for buyers seeking long-term value.

Emerald of Katong: Breaking sales records in District 15

Exceptional sales numbers

Emerald of Katong had a stellar launch, selling 835 out of its 846 units (98.7 per cent) within two days. On Nov 15, during VIP sales, 401 units (47 per cent) were sold, followed by another 434 units the next day.

This performance potentially surpassed the record set by J'Gateway in 2013, which sold 738 units in a single day. Only 11 units remain unsold, consisting of nine 1-bedroom and two 5-bedroom units.

Buyers gravitated toward larger units, with all 2-, 3-, and 4-bedroom configurations fully sold. The average price for units sold was S$2,621 psf, with starting prices as low as S$2,423 psf, significantly below the Rest of Central Region (RCR) median of S$2,955 psf. The developer maintained steady pricing despite strong demand, reinforcing trust among buyers.

Market implications and comparisons

Emerald of Katong launched alongside Novo Place and Nava Grove, creating a competitive yet vibrant market environment. While Emerald of Katong achieved an unprecedented 98.7 per cent sales rate, Nava Grove sold 65 per cent of its units, and Novo Place recorded a 57 per cent take-up rate.

The developer's strategy of collecting over 3,600 cheques before launch underscored the project's appeal, which extended beyond pricing. District 15's East Coast lifestyle and limited supply of large-scale projects added to its allure, making it a preferred choice for owner-occupiers and investors alike.

Nava Grove: Combining prestige with practicality in District 21

Sales performance

Nava Grove launched with strong demand, selling 359 out of 552 units (65 per cent) over its opening weekend. Popular unit types included 2-bedroom units, with 83 per cent sold, and 3-bedroom units, which saw a 71 per cent take-up rate. Prices for these units averaged S$2,448 psf, positioning the development competitively in District 21.

Unit details and pricing

Nava Grove offers a range of layouts, from 2-bedroom units starting at S$1.388 million to 5-bedroom premium units priced at S$3.988 million. Notable options include 4-bedroom dual-key units and premium units with private lifts, catering to affluent families and professionals seeking larger living spaces.

Unique project highlights

This project boasts a low building footprint, covering only 20 per cent of the site area, and extensive landscaped grounds, offering a serene residential environment.

Units feature efficient layouts, modern finishes, and scenic views, appealing to buyers across demographics. Additionally, its proximity to employment hubs like Jurong Lake District and one-north further enhances its appeal.

Buyer demographics

The development attracted a diverse pool of buyers, including professionals in their 30s and 40s, and affluent families from nearby landed housing estates. Smaller units priced below S$2.5 million appealed to younger professionals, while larger units attracted families right-sizing from landed homes.

Broader market trends and industry insights

November 2024's condo launches reflect strong confidence in Singapore's property market. An estimated 2,200 units could be sold this month, marking the highest monthly sales since 2013.

Rising liquidity, robust local demand, and foreign investment are driving these trends, with properties viewed increasingly as tools for wealth preservation.

Notably, the success of Novo Place, Emerald of Katong, and Nava Grove demonstrates that buyers are willing to pay premiums for well-located and high-quality developments.

Each project's performance also underscores the strategic planning by developers, including pricing strategies, launch timing, and targeting buyer preferences.

Industry experts like Mark Yip and Eugene Lim have noted the continued appeal of executive condos and private properties alike, thanks to their balance of affordability, financial flexibility, and lifestyle benefits. This year's launches set a high bar for upcoming projects, solidifying our county's position as a vibrant and dynamic real estate market.

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This article was first published in 99.co.