City Developments sells 135 units at Sengkang Grand Residences over the weekendSales at Novo Place, a 504-unit Executive Condominium (EC) jointly developed by Hoi Hup Realty and Sunway Developments, kicked off on the morning of 16 November.According to Mark Yip, chief executive officer of Huttons Asia, the launch saw strong take-up as 286 units, or 57 percent, were sold at an average price of $1,654 per square foot (psf).”This is a robust demand from buyers seeking an affordable private residential lifestyle,” he said.”However, the take-up rate could have been even higher if not for the 30 percent quota for second-timers. The government should consider increasing the quota for second-timers. The balloting for second-timers in one month is likely to see strong demand,” he added.Out of the total sales, 47 percent were first-time buyers while 53 percent were second-time buyers.”The 30 percent quota, which is equivalent to 151 units, for second-timers at Novo Place was fully taken up by 1 pm on launch day,” said Ismail Gafoor, CEO of PropNex, adding that second-timers will have another chance to purchase units at Novo Place when the quota is lifted after 30 days on 16 December.Meanwhile, Huttons noted that 76 percent of buyers opted for the deferred payment scheme while 24 percent opted for the normal payment scheme. The deferred payment scheme allows homebuyers to first book their preferred unit and service the loan later.”It eases the financial burden of HDB upgraders who still have an outstanding loan on their flat,” noted Mr Yip.Homebuyers of new ECs also get an upfront remission on the Additional Buyer’s Stamp Duty (ABSD), which allows them to continue staying in their existing flat and sell it within six months of collecting the keys to their new EC unit.Located in Plantation district in Tengah, Novo Place is just a short walk from the upcoming Tengah Park MRT on the future Jurong Regional Line, which is expected to be completed by 2028.The project features seven 18-storey residential blocks with a mix of three- to four-bedroom plus study units. Sales for the three-bedroom plus study units reached 97 percent, while all four-bedroom units are sold. The four-bedroom plus study units are also more than 50 percent sold.Huttons added that their sales figures are consistent with the demand from HDB upgraders who desire for a more spacious home and greater flexibility in terms of space usage.Novo Place is the second EC project launched this year, following the 512-unit Lumina Grand at Bukit Batok West Avenue 5 by City Developments Limited in January. To date, it is 84 percent sold at an average price of $1,510 psf.”With future EC launches expected to be priced higher due to rising land and construction costs, current EC buyers are already in a more advantageous position,” said Eugene Lim, key executive officer of ERA Singapore.
When purchasing a Singapore condo, it’s vital to consider the maintenance and management aspects of the property as well. Most condos have maintenance fees in place to cover the upkeep of communal areas and amenities. Although these fees may increase the overall cost of owning a condo, they also guarantee that the property remains well-maintained and holds its value. To make condo ownership a more hands-off investment, investors can engage a property management company to handle day-to-day management tasks.