[New Launch] Norwood Grand achieves 84% sales at an average price of $2,067 psf

Over the past two weekends, buyers flocked to the sales gallery of Norwood Grand by Singapore-listed property developer City Developments Limited (CDL). Out of 348 units at Norwood Grand in Woodlands, 292 units (84%) were sold at an average price of $2,067 psf, setting a new price benchmark for the Woodlands area.

In its press release, CDL stated that almost all buyers (99.7%) were Singaporeans and Permanent Residents (PRs) hailing from China, India, and Malaysia.

The stellar performance at Norwood Grand reflects the exciting growth prospects and the precinct's transformation into a vibrant economic hub. As a new gem in the thriving Woodlands community, Norwood Grand is well-positioned to draw buyers who value convenience and connectivity, while appreciating the benefits of living in one of Singapore's most promising regions.

Unit prices started from $988,000 for a one-bedroom-plus-study (495 sq ft), $1.238 million for a two-bedroom (624 sq ft), $1.698 million for a three-bedroom deluxe (883 sq ft), and $2.238 million for a four-bedroom unit.

All one-bedroom, two-bedroom, three-bedroom, and four-bedroom deluxe units were fully snapped up. Only 56 units remain available, including the 1,313 sq ft four-bedroom-plus-study premium units, which are the largest layouts in the development.

The developer priced the project competitively compared to most launches in the Outside Central Region (OCR) over the past two years, which averaged around $2,100 psf.

With most units priced at an attractive "sweet spot" of $2 million or below, the pricing was exceptionally competitive.

Norwood Grand has clinched the title of "best-selling project of 2024" after moving 84% of its units over the launch weekend—a milestone unseen since the launch of the 368-unit J’den in Jurong East Central, the top seller of 2023.

In terms of the sheer number of units sold over a launch weekend, the 533-unit Lentor Mansion remains this year's champion, having sold 400 units (75%) during its launch in May.

Beyond pricing, strong pent-up demand was a major factor, as Woodlands in the North Region had not seen a new private condominium launch in 12 years since Parc Rosewood in 2012. Many buyers grew up in Woodlands, still have families residing there, and wished to purchase a new home within a familiar neighbourhood.

Ahead of the launch weekend, CDL received 959 expressions of interest, resulting in a 2.8 times oversubscription for Norwood Grand. The weekend sales conversion rate exceeded 30%.

Located less than a four-minute walk from Woodlands South MRT station, Norwood Grand is the closest condominium to an MRT station in Woodlands.

Many buyers saw the long-term potential of the upcoming Woodlands Regional Centre, the 70-hectare Woodlands North Coast—a waterfront mixed-use business and lifestyle precinct—and the Johor Bahru-Singapore Rapid Transit System (RTS) Link.

A significant proportion of buyers were HDB upgraders in their 30s to early 40s seeking their own private homes. The high proportion of HDB upgraders was supported by roughly 4,200 HDB flats in Woodlands that have reached their Minimum Occupation Period (MOP) since 2021.

Developers are capitalising on improved market sentiment following recent interest rate cuts to launch their projects in the coming weeks. Over the past year, buyers lacked urgency, particularly when new launches were seeing modest take-up rates of around 20% to 30%. With interest rates now easing and further cuts anticipated next year, borrowing capacity has improved slightly, encouraging prospective buyers to re-enter the market.

Sales performances for upcoming residential launches are expected to pick up. Given ongoing global economic uncertainties, any project achieving a launch take-up rate of over 50% is widely regarded as a resounding success.