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The government’s property cooling measures are a significant factor to consider when investing in condos in Singapore. In an effort to promote a stable real estate market and discourage speculative buying, the Singaporean government has implemented various measures over the years. One of these measures is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. While these measures may impact the short-term profitability of condo investments, they also contribute to the long-term stability of the market, making it a safer investment environment. It is also worth noting that new condo launches can be a valuable opportunity for investors to enter the market, as they are often exempt from these cooling measures. Overall, the government’s efforts towards a stable real estate market make condo investments in Singapore a wise choice for long-term returns.
On Dec 16, the developers of Novo Place executive condominium (EC), Hoi Hup Realty and Sunway Developments, made a successful sale of 137 units during the second round of balloting. This round was open only to second-timers, who are buyers that have previously purchased a subsidized flat, whether it be a new or resale HDB flat or an EC.
According to Huttons Asia CEO Mark Yip, this brings the total units sold at Novo Place to 444, which makes up 88.1% of the entire development. This achievement was made within a month of the project’s launch on Nov 16, making it the top-selling EC project of 2024.
“It is evident that there is a strong interest from second-timers who are looking to upgrade their lifestyle,” says Yip. “Many of these buyers are also residents of the West.” Interested buyers can access comprehensive data about all ECs, including the average profit at 5 and 10 years.
Yip also points out that all four-bedroom units at Novo Place have been sold out, highlighting the high demand for spacious homes. The showflat of a four-bedroom-plus-study unit at Novo Place showcases the appeal of the project’s sold-out four-bedders. It is located at Plantation Close in the new Tengah town and is just a short five-minute walk from the 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 emphasizes that very few ECs offer such proximity to an MRT station. He also notes that many buyers have chosen the deferred payment scheme, which allows them to secure their desired unit 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,” says Yip. “Additionally, buyers enjoy upfront remission on the Additional Buyer’s Stamp Duty (ABSD).” According to recent caveats, the average price of units sold at Novo Place is $1,656 psf.
For those interested in Novo Place, they can access the latest listings and project summary through EdgeProp Buddy. They can also check out condo listings and transactions in District 24, and review upcoming new launch projects in the area. As of Dec 16, there are still units available for sale in Novo Place. Interested parties can find out more through EdgeProp’s comprehensive database and listings.