Investing in a condo in Singapore has emerged as a popular option for both local and foreign investors, drawn by the country’s strong economic growth, stable political climate, and exceptional standard of living. The real estate market in Singapore presents a plethora of opportunities, with condos particularly standing out for their convenient location, attractive amenities, and potential for high returns. In light of this, it is worth exploring the advantages, considerations, and necessary steps for those looking to invest in a condo in Singapore. For up-to-date information on the latest condo developments, check out New Condo Launches.
The second round of balloting for Novo Place executive condominium (EC) saw the sale of 137 units on Dec 16 by joint venture developers Hoi Hup Realty and Sunway Developments. This phase was exclusively for second-timers, or buyers who have previously purchased a subsidized flat, whether as a new or resale HDB flat or an EC. According to Mark Yip, CEO of Huttons Asia, this brings the total number of units sold at Novo Place to 444, which represents 88.1% of the development. Yip also adds that this milestone was achieved within just one month of the project’s launch on Nov 16, making it the best-selling EC project of 2024.
Yip further explains, “This reflects strong interest from second-timers keen to upgrade their lifestyle, many of whom are residents in the West.” He also notes that all four-bedroom units at Novo Place have been sold out, highlighting the high demand for spacious homes.
Novo Place is situated at Plantation Close in the new Tengah town and is only a five-minute walk from the Tengah Park MRT station on the Jurong Region Line (JRL). The JRL provides convenient access to major employment hubs in the West, such as the Jurong Lake District and Jurong Innovation District. Yip points out that very few ECs offer such proximity to an MRT station.
Huttons reports that many buyers have opted for the deferred payment scheme, which allows them to secure their desired unit first while deferring their home loan payments. Yip explains, “This helps ease the financial burden for HDB upgraders who still have an outstanding loan on their current flat.” He also mentions that ECs are experiencing strong demand from HDB upgraders due to their comparable quality and finishes to private condominiums at a more affordable price. Additionally, buyers can enjoy upfront remission on the Additional Buyer’s Stamp Duty (ABSD).
Overall, there are several benefits to investing in a condo in Singapore, making it a popular choice for both local and foreign investors. One advantage is the high demand for condos, which can lead to a higher potential for capital appreciation. Additionally, investors can enjoy attractive rental yields, making it a profitable investment opportunity. However, before making any investments, it is crucial to carefully consider various factors like location, financing options, government regulations, and current market conditions. By conducting thorough research and seeking advice from professionals, investors can make informed decisions and maximize their returns in Singapore’s ever-changing real estate market. Whether you are a local investor looking to diversify your portfolio or a foreign buyer seeking a stable and lucrative investment, Singapore’s condos are a compelling option to consider. Don’t forget to check out the latest Singapore Projects for even more opportunities.
As of Dec 16, caveats lodged show an average price of $1,656 psf for units sold at Novo Place. This development is a popular choice for buyers, and interested parties can check out the latest listings for Novo Place properties. The project summary for Novo Place condo, as well as condo listings in District 24 and upcoming new launch projects, are also available. Interested buyers can easily find out the available units left in Novo Place.