Three new launches sell nearly 1,500 units over the weekend! Emerald of Katong becomes the year's best-selling project

Three new private residential and executive condominium (EC) projects delivered stellar performances over their launch weekend, moving nearly 1,500 units in total. Among them, Emerald of Katong sold almost 99% of its units during its launch weekend, emerging as the best-selling project of the year and setting a new single-day sales record.

With "Christmas coming early" for developers, analysts note that total new private home sales could hit 2,200 units in November, potentially marking the highest monthly sales figure in nearly 13 years.

Emerald of Katong sells 99% of units in two days

Located along Jalan Tembusu, Emerald of Katong put up an exceptionally strong showing over its launch weekend. Developer Sim Lian Group moved 835 units across two days, accounting for 99% of its total 846 units, at an average selling price of $2,621 psf.

In terms of both unit volume and percentage sold, Emerald of Katong is the top-selling project this year. Its single-day sales likely established a new high, surpassing the 738 units sold in a single day by J Gateway back in June 2013.

Emerald of Katong is very likely the best-selling private residential development of the past decade.

Currently, only 11 units remain available at Emerald of Katong—comprising nine one-bedroom and two five-bedroom units—with all other unit configurations completely sold out. Mark Yip noted that the first to sell out were the larger units featuring study rooms or versatile layouts, indicating that many buyers purchased for owner-occupation and sought spaces that cater flexibly to their lifestyle needs.

Regarding Emerald of Katong's brisk sales, its starting price of $2,423 psf was deemed exceptionally attractive compared to the median price of $2,955 psf across other new launches in the Rest of Central Region (RCR).

The East Coast lifestyle and the rarity of mega-developments in the precinct also drew buyers to Emerald of Katong.

Two other projects move over half their units on launch weekend

The other two projects rolled out over the same weekend were Novo Place, an executive condominium (EC) project in Tengah (504 units), and Nava Grove near Holland Road (552 units).

Among them, Novo Place sold 286 units (nearly 57%), with prices starting from $1,488 psf and averaging $1,654 psf. Meanwhile, Nava Grove moved 359 units (around 65%), with starting prices at $2,224 psf and an average price of $2,448 psf.

Over the past fortnight, six new private residential projects entered the Singapore market. While there were initial concerns that debuting six developments within 14 days might cannibalise demand or overshadow some projects, the concentrated slate of launches actually prompted buyers to make swifter decisions. Had these launches been staggered over two months, they might not have generated such heightened market momentum.

Analysts: Continued buying frenzy could prompt government intervention

Developers are projected to move 2,200 units this month, trailing only the historic high of 2,793 units recorded in March 2013. The vibrant sales momentum has been driven by stronger economic growth and interest rate cuts, which have encouraged more buyers to enter the new private home market as their borrowing capacity improves. Furthermore, lower returns on alternative investment assets have led buyers to view property as their asset class of choice.

However, the high take-up rates across recent projects may have drawn regulatory attention, and authorities are likely monitoring market developments closely. If this strong buying momentum persists into the first quarter of next year, with newly launched developments consistently clearing more than half their inventory on debut, the likelihood of government intervention will rise substantially.