– (Due to the limited supply of Executive Condos (ECs) in the market, the launch of Novo Place is highly anticipated. Developed jointly by Hoi Hup Realty and Sunway Developments, it offers 504 units and had its sales bookings commence on the morning of November 16. According to Mark Yip, Chief Executive Officer of Huttons Asia, the strong take-up rate of the EC reflected a robust demand from buyers seeking an affordable private residential lifestyle. The development sold 286 units, making up 57% of the total units, at an average price of $1,654 per square foot (psf). Yip highlighted that the take-up rate could have been even higher if not for the 30% quota set aside for second-timers. He suggested that the government increase the quota for second-timer buyers as the balloting for them in one month is expected to see strong demand. The split between first-time and second-timer buyers was 47% and 53% respectively. Additionally, second-timers are homebuyers who have previously purchased subsidized housing, either as a new or resale HDB flat or an EC. The 30% quota for second-timers at Novo Place was fully taken up by 1 pm on launch day. Ismail Gafoor, Chief Executive Officer of PropNex, mentioned that while second-timers were unable to secure a unit on launch day, they will have another opportunity after 30 days when the quota is lifted. This will allow them to make bookings starting from December 16. Out of the 287 units sold, 76% of buyers opted for the deferred payment scheme while 24% chose the normal payment scheme, according to Huttons. The EC project has a unit mix of three-to four-bedroom plus-study units across seven 18-storey residential blocks. The three-bedroom plus-study units are 97% sold while the four-bedroom units are fully sold. The four-bedroom plus-study units, however, are more than half sold. The sales results reflect the demand from HDB upgraders who are looking for a bigger space and greater flexibility in terms of space use, according to Yip. Located in Tengah’s Plantation District, Novo Place is within walking distance from the upcoming Tengah Park MRT Station on the future Jurong Regional Line. The station is expected to be completed by 2028. The Executive Condo offers a deferred payment scheme option, which is exclusive to this housing segment, allowing homebuyers to lock in their preferred unit and service the loan later. Yip mentioned that this eases the financial burden of HDB upgraders who still have an outstanding loan on their flats. Another advantage of buying a new EC is that HDB upgraders are granted an upfront remission on the Additional Buyer’s Stamp Duty (ABSD), allowing them to continue staying in their existing flat and sell it within six months of collecting their keys to their new EC unit. The launch of Novo Place comes after the launch of the 512-unit Lumina Grand at Bukit Batok West Avenue 5 by City Developments Limited, which is currently 84% sold at an average price of $1,510 psf since its launch in January. According to Eugene Lim, key executive officer of ERA Singapore, the higher pricing of future EC launches due to rising land and construction costs place current EC buyers in a favorable position. Take a look at the latest listings for Novo Place properties and explore comprehensive data about all ECs, including the average profit at 5 and 10 years. You can also generate a price trend graph for new launch condos in District 24, browse condo rental listings, show listings in District 24, check condo sales transactions, and compare the price trend of new sale condos versus resale condos.)
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When investing in Singapore, it is vital for foreign investors to familiarize themselves with the regulations and limitations surrounding property ownership. Fortunately, foreigners are generally able to acquire condos with relative ease, as compared to landed properties that have more stringent ownership policies. Nevertheless, foreign buyers are still required to pay the Additional Buyer’s Stamp Duty (ABSD), which currently stands at 20% for their initial property purchase. Despite the added expenses, the steady and promising growth of the Singapore real estate market remains a top draw for foreign investment. With this in mind, it is clear that condos hold great potential for foreign investors in Singapore.