As 2024 nears its close, Singapore’s executive condominium (EC) market is abuzz with anticipation for the 504-unit Novo Place by Hoi Hup Realty and Sunway Developments, marking this year’s second and final EC release. The new EC arrives amidst robust demand and limited EC supply, with competitive prices starting at S$1,489 per square foot (psf). Novo Place is open for e-applications from November 2 to November 12, with sales set to commence on November 16.
Positioned in the eco-friendly Tengah district, Novo Place is primed to attract both first-time buyers and HDB upgraders seeking a blend of affordability, sustainability, and proximity to major developments in the West Region. This new launch in Tengah will likely follow the remarkable sell-out success of Copen Grand in 2022.
Table of contents A limited supply and strong demand for ECs
The current EC landscape reveals a high demand against limited availability. Notable recent projects, including CDL’s Lumina Grand and the Altura EC by Qingjian Realty and Santarli Realty, have seen robust uptake. CDL sold 269 units (53%) out of 512 at Lumina Grand during its launch weekend on January 27-28. Based on caveats lodged, the project is now 83% sold at an average price of S$1,510 psf.
Adjacent to Lumina Grand, the 360-unit Altura, which launched in 2023, sold 61% of its units on the first weekend. Altura is now 98% taken up at an average price of S$1,477 psf. Despite these recent EC launches, Eugene Lim, key executive officer of ERA, notes that demand remains strong, given the segment’s affordability relative to private condominiums.
Being the second EC to launch in Tengah, Novo Place follows the successful track record of Copen Grand, Tengah’s first EC, launched in October 2022 by CDL and MCL Land. Copen Grand achieved a 73% sales rate during
