Emerald of Katong boosts District 15 new home sales: The Continuum emerges as top beneficiary
By Cecilia Chow
/ EdgeProp Singapore |
At Emerald of Katong, a balloting session for 13 units where buyers had backed out was held on Nov 30. Over 800 expressions of interest were received, and all 13 units were taken up this morning (Photo: Samuel Isaac Chua/EdgeProp Singapore)
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Launched a fortnight ago, Sim Lian Group’s Emerald of Katong saw robust weekend sales, with 99% of its 846 units snapped up over three days.
As of Nov 30, caveats lodged for Emerald of Katong show that 825 units (97.5%) have been sold at the new 99-year leasehold private condominium on Jalan Tembusu, achieving an average price of $2,617 psf.
There was a shortfall of 13 units due to buyers backing out of their purchases following the weekend launch, which began with VIP and multiple-unit sales on Friday, Nov 15, followed by a public launch over the weekend of Nov 16 and 17.
In response to the buyers backing out, the developer held a balloting session for the 13 units on the morning of Nov 30. “Over 800 expressions of interest were received, and all 13 units were taken up,” says Ismail Gafoor, CEO of PropNex.
Emerald of Katong's launch created a ripple effect on neighbouring projects in the East Coast area of prime District 15. Adjacent to Emerald of Katong is the 638-unit Tembusu Grand, developed jointly by City Developments Ltd (CDL) and MCL Land.
At Tembusu Grand, 52 units were sold in November, bringing cumulative sales to 581 units or 91% to date (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Since the start of November, 52 units have sold, bringing total sales to 581 units (91%) at an average price of $2,445 psf. Tembusu Grand, a 99-year leasehold development at Jalan Tembusu, was launched in April 2023.
Tembusu Grand: 10 latest transactions
Source: EdgeProp Buddy, URA Realis
Meanwhile, at the 1,008-unit Grand Dunman by SingHaiyi, 18 units were sold since Nov 11, bringing cumulative sales to 731 units (72.5%) at an average price of $2,531 psf. This 99-year leasehold condominium on Dunman Road was launched in July 2023.
Grand Dunman: 10 latest transactions
Source: EdgeProp Buddy, URA Realis
The biggest beneficiary of Emerald of Katong’s launch was The Continuum, an 816-unit freehold condominium along Thiam Siew Avenue developed by joint venture partners Hoi Hup Realty and Sunway Developments.
A total of 130 units were sold in November, bringing total sales to about 530 units (65%), based on caveats lodged. The average price of units sold is $2,788 psf.
Over three consecutive days in mid-November, The Continuum recorded strong sales, with 13 units sold on Nov 15, another 38 on Nov 16 and 22 on Nov 17, for a three-day total of 73 units.
Since Nov 1, The Continuum has seen 130 units sold, bringing total sales to about 530 units or 65% (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Prior to the launch of Emerald of Katong, The Continuum was 49% sold, leaving 51% of its units still available. “With more available units, buyers had more choices,” says Ismail Gafoor, CEO of PropNex. “In comparison, many of the smaller units at Grand Dunman were already sold.”
Another factor driving The Continuum's strong take-up is its pricing, notes Gafoor. The average price at the 99-year leasehold Emerald of Katong is $2,617 psf, while The Continuum, being freehold, achieved an average price of $2,788 psf, representing a premium of just 6.53%.
"Typically, a freehold project commands at least a 15% to 20% premium over a 99-year leasehold project in the same neighbourhood," Gafoor explains. "Homebuyers recognized the value proposition and were quick to switch to The Continuum."
Emerald of Katong: 10 latest transactions
Source: EdgeProp Buddy, URA Realis
At Emerald of Katong, the highest psf prices were achieved for the 484 sq ft one-bedroom and 624 sq ft two-bedroom units on high floors, specifically from the 16th to 21st floors. At the launch, 21 such units recorded prices ranging from $2,901 psf to $2,958 psf, based on caveats lodged.
Meanwhile, at The Continuum, 13 caveats lodged so far show prices exceeding $3,000 psf. Of these, 11 units were sold this November, including nine two-bedroom, high-floor units ranging in size from 646 to 721 sq ft. These units fetched prices from $3,003 psf to $3,084 psf. Additionally, two compact three-bedroom units measuring 872 sq ft were sold at $3,003 psf and $3,060 psf, respectively.
For lower-floor units, some three- and four-bedroom units ranging from 1,066 sq ft to 1,270 sq ft were sold at prices between $2,667 psf and $2,681 psf during the past month.
The Continuum: 10 latest transactions
Source: EdgeProp Buddy, URA Realis
"November is shaping up to be a strong month for new home sales, providing a significant uplift for the year before the December holidays," says PropNex’s Gafoor.
Based on caveats lodged as at Dec 4, the number of private new home sales (excluding executive condos) is 2,477 units. It is the highest since March 2013, when private new homes (excluding ECs) totalled 2,793 units, according to Huttons Data Analytics.
"The robust take-up in November will have a positive impact on the take-up rate in 2025," says PropNex's Gafoor. He cites the Emerald of Katong as an example: with over 800 cheques received for just 13 units on Nov 30, many unsuccessful buyers will now be seeking alternatives. "This will undoubtedly boost new home sales at the start of 2025," he concludes.
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