137 units snapped up at Novo Place, bringing take-up rate to 88.1%

On 16 December, Novo Place EC opened to second-timer buyers—namely, those who had previously purchased a subsidised public housing flat, whether a BTO flat, resale flat with grants, or an EC.

The sale of these 137 units brought total sales at Novo Place to 444 units, or 88.1% of the development. The project achieved this milestone within a month of its launch on 16 November, making it the best-selling EC project in 2024 in terms of the percentage of units sold to date.

This reflects strong interest from second-timer upgraders keen to upgrade their lifestyles, with many buyers hailing from the western region.

All four-bedroom units at Novo Place have completely sold out, underscoring the robust demand for spacious homes.

Located at Plantation Close in the new Tengah town, Novo Place is just a five-minute walk from Tengah Park MRT station on the Jurong Region Line (JRL). The JRL offers seamless access to key employment hubs in the west, such as Jurong Lake District and Jurong Innovation District. Few ECs enjoy such close proximity to an MRT station.

Many buyers opted for the Deferred Payment Scheme (DPS), allowing them to secure their preferred unit while deferring home loan repayments. This eases the financial burden for HDB upgraders who still have outstanding mortgage loans on their existing flats.

Demand from HDB upgraders remains strong because ECs offer quality and finishes on par with private condominiums, but at more accessible price points. In addition, eligible buyers benefit from upfront Additional Buyer's Stamp Duty (ABSD) remission.

As of 16 December, caveats lodged indicate an average transacted price of $1,656 psf for units sold at Novo Place.