The community at Emerald of Katong is happy to announce a successful launch, with 99% of its 846 units sold in just three days after its launch two weeks ago. As of Nov 30, 825 units, or 97.5%, have been bought with an average price of $2,617 psf. Despite the initial success, there was a shortage of 13 units as a result of some buyers backing out of their purchases immediately after the weekend launch. VIPs and multiple purchases were made on Friday, Nov 15, followed by a public launch over the weekend of Nov 16 and 17.
In order to accommodate the 13 buyers that had backed out, the developer held a balloting session for the 13 units on the morning of Nov 30. According to PropNex CEO Ismail Gafoor, over 800 expressions of interest were received, enabling all 13 units to be sold.
And the success of Emerald of Katong has had a ripple effect on neighboring projects within the area. Adjacent to Emerald of Katong is the Tembusu Grand, a 638-unit condo jointly developed by CDL and MCL Land. The data shows that since November, 52 units have been sold, resulting in overall sales of 581 units or 91%. Initial sales were reported in April 2023.
Meanwhile, the Grand Dunman, a 1,008-unit condo developed by SingHaiyi, has sold 18 units since Nov 11, boosting overall sales to 731 units, or 72.5%, with an average price of $2,531 psf. This 99-year leasehold condo on Dunman Road first launched in July 2023.
When it comes to investing in real estate, location plays a crucial role, and this is particularly true for properties in Singapore. Condominiums that are located in central areas or in close proximity to key amenities like schools, shopping malls, and public transportation nodes tend to appreciate in value more quickly. Prime locations such as Orchard Road, Marina Bay, and the Central Business District (CBD) have consistently shown strong growth in property values. The presence of reputable schools and educational institutions in these areas also makes condominiums highly sought-after by families, further enhancing their investment potential. With the addition of Singapore Projects, these already desirable locations present even more promising investment opportunities in the real estate market.
On the other hand, the largest beneficiary of the Emerald of Katong’s launch was the Continuum, an 816-unit freehold condo developed by Hoi Hup Realty and Sunway Developments. A total of 126 units had been sold since Nov 9, with overall sales at 528 units, or 64.7%. The average price for units was $2,788 psf. Over the course of three consecutive days in mid-November, the Continuum reported 13 units sold on Nov 15, followed by 38 units and 22 units on Nov 16 and 17 respectively. This resulted in a total of 73 units sold in three days.
The data indicates a strong uptick in sales for the Continuum, which had previously reported 49% sales, with 51% of the units available. Ismail Gafoor, CEO of PropNex, claims that “with more available units, buyers had more choices.”
But is availability the only factor driving sales?
Apparently not, according to Gafoor, as prices for the Continuum are currently hovering around $3,000 psf. Of the 13 units sold this November, 11 were two-bedroom units ranging in size from 646 to 721 sq ft that sold for $3,003 to $3,084 psf. Additionally, two compact three-bedroom units measuring 872 sq ft were sold at $3,003 and $3,060 psf each. For the lower-floor units, listing prices for three- and four-bedroom units between 1,066 sq ft and 1,270 sq ft ranged from $2,667 to $2,681 psf.
For comparison, the average price at the 99-year leasehold Emerald of Katong was $2,617 psf, resulting in a 6.53% premium for the Continuum, as it is freehold. Gafoor notes that “typically, a freehold project commands at least a 15% to 20% premium over a 99-year leasehold project in the same neighborhood.” And it seems as though buyers are willing to pay it.
November sales of new homes may impact sales in 2025, says Gafoor. He cites the Emerald of Katong as an example, given that over 800 checks were made for just 13 units on Nov 30. “This will undoubtedly boost new home sales at the beginning of 2025.”