Investing in a condo in Singapore offers numerous benefits, one of which is the potential for capital appreciation. Due to its strategic location as a global business hub and strong economic fundamentals, Singapore experiences a constant demand for real estate. This has led to a steady rise in property prices over the years, especially in prime locations. Those who invest at the right time and hold onto their properties for an extended period can reap significant capital gains. To explore potential investment opportunities, consider browsing through Singapore Projects for the latest developments in the market.
On December 16, the joint venture between developers Hoi Hup Realty and Sunway Developments successfully sold 137 units at the executive condominium (EC) project, Novo Place, during the second round of balloting. This phase was open to second-time buyers who have previously purchased a subsidized flat, whether as a new or resale HDB flat or an EC.Mark Yip, CEO of Huttons Asia, has reported that with the sale of these 137 units, a total of 444 units at Novo Place have been sold, representing 88.1% of the development. This milestone was reached within just a month of the project’s launch on November 16, making it the best-selling EC project of 2024, according to Yip.Yip also points out that this achievement reflects the strong interest from second-time buyers who are eager to upgrade their lifestyle. Many of the buyers are currently residents in the West region.As all four-bedroom units at Novo Place have been sold out, it is evident that there is a high demand for spacious homes at the executive condominium showflat. The showflat features a four-bedroom-plus-study unit, which has also been fully sold.Novo Place is situated at Plantation Close in the new Tengah town, just a five-minute walk from Tengah Park MRT station on the Jurong Region Line (JRL). The JRL provides direct access to major employment hubs in the West, such as the Jurong Lake District and Jurong Innovation District. Yip highlights that there are very few ECs that offer such close proximity to an MRT station.According to Huttons, many buyers have opted for the deferred payment scheme offered at Novo Place. This allows them to secure their desired unit first while deferring their home loan payments. Yip explains that this has helped ease the financial burden for HDB upgraders who still have an outstanding loan on their current flat.Yip adds that ECs are in high demand among HDB upgraders due to their comparable quality and finishes to private condominiums but at a more affordable price. 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 is $1,656 psf.Want to know more about Novo Place? Check out the latest listings for properties available at this executive condominium.