[New Launch] Novo Place EC achieves 57% sales on launch day at an average of $1,654 psf

Sales bookings for the 504-unit Novo Place commenced on the morning of 16 November. Jointly developed by Hoi Hup Realty and Sunway Developments, the executive condominium (EC) sold 286 units (57%) at an average price of $1,654 psf.

Take-up was robust, reflecting strong demand from buyers seeking an affordable private residential lifestyle. The sales rate could have been even higher were it not for the 30% quota imposed on second-timer applicants.

First-time and second-time buyers accounted for 47% and 53% of purchases, respectively. 

Of the 287 units sold at Novo Place, 76% of buyers opted for the deferred payment scheme, while 24% chose the normal payment scheme.

ECs are the only housing segment that offers homebuyers the option of a deferred payment scheme. This scheme allows them to lock in their preferred unit first before servicing the loan repayments, easing the financial burden on HDB upgraders who still have outstanding home loans on their existing flats.

Another advantage of purchasing a new EC is that HDB upgraders enjoy upfront remission on the Additional Buyer's Stamp Duty (ABSD). They can continue living in their current HDB flat and have up to six months to sell it after collecting the keys to their new EC unit.

Novo Place is situated in the Tengah Plantation precinct, within walking distance of the upcoming Tengah Park MRT station on the future Jurong Region Line. The station is slated for completion in 2028.

The EC development comprises seven 18-storey residential blocks, featuring a unit mix of three- to four-bedroom plus study layouts. The three-bedroom plus study units are 97% sold, while all four-bedroom units have been fully snapped up. More than half of the four-bedroom plus study units have also been sold. These sales results align with the preferences of HDB upgraders seeking larger spaces and greater flexibility in how they utilise their living areas.

Novo Place is the second EC project launched this year. The first was City Developments Ltd's 512-unit Lumina Grand at Bukit Batok West Avenue 5, which was launched in January. To date, that project is 84% sold at an average price of $1,510 psf.

With rising land and construction costs expected to push prices higher for future EC launches, current EC buyers have already secured an advantageous position.