CDL's Norwood Grand achieves 84% sales at an average price of $2,067 psf
By Cecilia Chow
/ EdgeProp Singapore |
The crowd at Norwood Grand on the preview weekend a fortnight ago, where 3,700 visitors flocked to the sales gallery (Photo: CDL)
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Singapore-listed property developer City Developments Ltd (CDL) saw buyers converging on the sales gallery of Norwood Grand over the past two weekends. As of 6pm on Sunday, Oct 20, 292 (84%) out of 348 units at Norwood Grand in Woodlands were sold at an average price of $2,067 psf, setting a new benchmark price for the Woodlands area.
Almost all homebuyers (99.7%) are Singaporeans and Permanent Residents (PRs) from China, India and Malaysia, says CDL in its release.
“The strong take-up for Norwood Grand reflects the exciting growth prospects and transformation of the area into a vibrant economic hub,” says Sherman Kwek, CDL group CEO. “As the new gem in the burgeoning Woodlands neighbourhood, we are confident that Norwood Grand will appeal to buyers who value convenience and connectivity – and see the benefits in being part of one of Singapore’s most promising districts.”
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Units were priced 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 deluxe plus study (1,173 sq ft).
All the one-, two-, three- and even four-bedroom deluxe units were snapped up. Only 56 units are still available, and these are the 1,313 sq ft, four-bedroom premium with study – the largest units in the development.
All the one-, two-, three- and even four-bedroom deluxe units were snapped up. The two-bedroom-plus-study showflat above (Photo: Benny Kee/EdgeProp Singapore)
“The developer has priced the project affordably compared to most projects launched in the Outside Central Region [OCR] over the past two years, which were in the $2,100 psf range,” says Ismail Gafoor, CEO of PropNex.
According to Mark Yip, CEO of Huttons, most of the units were priced at the “sweet spot” of $2 million or below. "The prices were competitive and hard to beat.”
Achieving 84% sales during its launch weekend, has earned Norwood Grand the title of “best-selling project in 2024”, notes Yip of Huttons. It is also recognized as a top-seller since the 368-unit J’den in Jurong East Central, which sold 88% of its units in November 2023, he adds.
In terms of the number of units sold on the first weekend of launch, the 533-unit Lentor Mansion remains the titleholder this year, with 400 units (75%) sold during its launch in May.
Besides pricing, there is also latent demand, as no new private condo has been launched in Woodlands, in the northern region, for the past 12 years -- not since Parc Rosewood in 2012. "Many buyers are people who grew up in Woodlands, still have family living there and want a new home in an area they are familiar with," says Gafoor of PropNex.
Norwood Grand is a four-minute walk to Woodlands South MRT Station, which is just one stop from the Woodlands integrated transport hub (Photo: Albert Chua/EdgeProp Singapore)
Ahead of this weekend’s sales, CDL received 959 cheques as expressions of interest, resulting in Norwood Grand being 2.8 times oversubscribed. The weekend sales translate to a conversion rate of over 30%.
Norwood Grand is situated within a four-minute walk of the Woodlands South MRT Station, making it the condo in Woodlands that is closest to an MRT station, adds Gafoor.
Many buyers saw the potential in the upcoming Woodlands Regional Centre, the 70-ha Woodlands North Coast -- an upcoming waterfront mixed-use business and lifestyle precinct – as well as the Johor Bahru-Singapore Rapid Transit System (RTS) Link and the Johor-Singapore Special Economic Zone, according to Huttons' Yip.
Based on ERA Singapore CEO Marcus Chu’s observation, a good proportion of the buyers were HDB upgraders in their 30s to early 40s who wanted a home for their own stay. He attributes the higher proportion of HDB upgraders to some 4,200 HDB flats in Woodlands having reached their Minimum Occupation Period (MOP) since 2021.
Artist's impression of the 348-unit Norwood Grand (Picture: CDL)
The HDB resale price index continued its upward trajectory, registering its 18th consecutive quarterly rise in 3Q2024. In Woodlands, four-room HDB flats changed hands for over $700,000 in 3Q2024 while five-room flats were sold for almost $800,000 over the same period, Chu points out.
The higher-than-expected 50-basis-point interest rate cut by the US Federal Reserve in September has contributed to improved market confidence and a rise in house-hunting activity, observes Chu. "Homebuyers are generally more optimistic and forward-looking now,"' he says."
Developers are capitalizing on improved market sentiment following the interest rate cut to launch their projects in the coming weeks, notes Gafoor from PropNex. “Over the past year, buyers lacked a sense of urgency, especially when sales at new launches were around 20% to 30%,” he observes. “Now that interest rates have decreased, with further cuts expected next year, borrowing capacity has improved slightly, which is encouraging homebuyers to return to the market.”
Gafoor anticipates improved sales performance in upcoming residential project launches. He notes, “Given the ongoing global economic uncertainty, any project that achieves over 50% sales on launch day is considered a remarkable success.”
Norwood Grand - with 84% of the units sold, it's the best-selling project of 2024 (Picture: EdgeProp Landlens)
He also foresees “a surge of new project launches towards the end of the year,” as developers aim to take advantage of the limited time before the year-end school holidays begin in mid-November. Upcoming previews include the 366-unit Union Square Residences (a redevelopment of the former Central Mall and Central Square), the 552-unit Nava Grove at Pine Grove and the 504-unit executive condo Novo Place at Plantation Close.
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