[New Launch] Emerald of Katong Drives District 15 New Home Sales: The Continuum Emerges as the Biggest Beneficiary

Sim Lian Group’s Emerald of Katong was launched two weeks ago to a blockbuster opening weekend, with 99% of its 846 units snapped up over three days.

As of 30 November, sales data for Emerald of Katong showed that 825 units (97.5%) in the new 99-year leasehold private condominium along Jalan Tembusu had been sold at an average price of $2,617 psf.

A total of 13 units were returned after buyers backed out following the launch weekend, which kicked off with VIP and multi-unit sales on Friday, 15 November, followed by the public launch over the weekend of 16–17 November.

In response to the aborted purchases, the developer held a balloting session for the 13 units on the morning of 30 November. More than 800 expressions of interest were received on the day, and all 13 units were successfully taken up.

The launch of Emerald of Katong has created a ripple effect across neighbouring projects in the prime East Coast enclave of District 15. Adjacent to Emerald of Katong is the 638-unit Tembusu Grand, jointly developed by City Developments Ltd (CDL) and MCL Land.

Since early November, 52 units have been moved, bringing total sales to 581 units (91%) at an average price of $2,445 psf. Tembusu Grand is a 99-year leasehold development located along Jalan Tembusu that was launched in April 2023.

Meanwhile, SingHaiyi’s 1,008-unit Grand Dunman has moved 18 units since 11 November, taking cumulative sales to 731 units (72.5%) at an average price of $2,531 psf. The 99-year leasehold condominium along Dunman Road was launched in July 2023.

The biggest beneficiary of the Emerald of Katong launch has been The Continuum, an 816-unit freehold condominium along Thiam Siew Avenue developed by joint venture partners Hoi Hup Realty and Sunway Developments.

Based on caveats lodged, 130 units were transacted in November, bringing total sales to around 530 units (65%). The units sold achieved an average price of $2,788 psf.

In mid-November, The Continuum enjoyed a three-day sales streak, moving 13 units on 15 November, 38 units on 16 November, and 22 units on 17 November—totalling 73 units across the three days.

Prior to Emerald of Katong’s launch, The Continuum was 49% sold, leaving 51% of its inventory available. With more available units on offer, buyers had a wider selection, whereas many of the smaller configurations at Grand Dunman had already been taken up.

Another factor driving the surge in demand for The Continuum is its pricing. While the 99-year leasehold Emerald of Katong averaged $2,617 psf, the freehold The Continuum averaged $2,788 psf—a premium of just 6.53%.

Typically, freehold developments command a premium of at least 15% to 20% over comparable 99-year leasehold projects in the same neighbourhood. Homebuyers recognised this value proposition and quickly turned to The Continuum.

At Emerald of Katong, the highest psf prices achieved were for the 484 sq ft one-bedroom and 624 sq ft two-bedroom units on high floors, specifically levels 16 to 21. During the launch, 21 such units changed hands at prices ranging from $2,901 to $2,958 psf.

Meanwhile, The Continuum has seen 13 transactions transacting above $3,000 psf to date. Eleven of these were transacted in November this year, including nine high-floor two-bedroom units ranging from 646 to 721 sq ft, fetching between $3,003 and $3,084 psf. In addition, two compact three-bedroom units of 872 sq ft went for $3,003 and $3,060 psf respectively.

On lower floors, several three- and four-bedroom units measuring between 1,066 and 1,270 sq ft were sold over the past month at prices ranging from $2,667 to $2,681 psf.

November is shaping up to be a bumper month for new home sales, delivering a remarkable year-end boost ahead of the December holiday lull.

Based on caveats lodged to date, new home sales in November have reached 2,805 units. However, this is not yet the final tally.

According to data analysis, the current figure has already surpassed the previous monthly peak of 2,793 private new home sales recorded in March 2013.

The robust take-up in November is expected to provide positive momentum for absorption rates in 2025. With more than 800 cheques collected for just 13 units on 30 November, many unsuccessful buyers will now be exploring alternative options. This will undoubtedly lend strong support to new home sales heading into early 2025.