Hoi Hup-Sunway previews Novo Place amid limited Executive Condo supply, starting at $1,489 psf
By Cecilia Chow
/ EdgeProp Singapore |
Novo Place EC at Plantation Close in Tengah has 504 units across seven 18-storey blocks (Photo: Samuel Isaac Chua/EdgeProp Singapore)
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The year 2024 is likely to be bookended by two executive condominium (EC) launches. City Developments' (CDL's) Lumina Grand at Bukit Batok West Avenue 5 was previewed on Jan 14, while the upcoming Novo Place at Plantation Close (Parcel A) — a joint venture between Hoi Hup Realty and Sunway Developments — is set to debut on Nov 2.
CDL sold 269 units (53%) out of 512 at Lumina Grand during its Jan 27–28 launch weekend. Based on caveats lodged, the project is now 83% sold at an average price of $1,510 psf.
Adjacent to Lumina Grand is the 360-unit Altura at Bukit Batok West Avenue 8, an EC developed by a joint venture between Qingjian Realty and Santarli Realty, the development arm of Santarli Construction. Launched in August 2023, the project sold 61% of its units on the first weekend and is now 98% taken up at an average price of $1,477 psf.
Explore comprehensive data about all ECs, including the average profit at 5 and 10 years
The preview of Novo Place on Nov 2 makes it only the second EC project to be introduced in the Tengah District. The project will open for e-applications from Nov 2 to Nov 12, with sales to start on Nov 16.
Tengah is in the West Region, bordered by Choa Chu Kang, Jurong East, Jurong West, and Bukit Batok. Surrounded by greenery, it is positioned as Singapore’s “Forest City”.
CDL sold 269 units (53%) out of 512 at Lumina Grand during its Jan 27–28 launch weekend. Based on caveats lodged, the project is now 83% sold at an average price of $1,510 psf (Photo: CDL)
Limited supply
The first EC in Tengah was the 639-unit Copen Grand, developed by a joint venture between CDL and MCL Land. Located at Tengah Garden Walk within the upcoming Tengah Town, Copen Grand was launched in October 2022. It achieved a 73% sales rate in its first weekend, with most buyers being first-time homebuyers.
When it reopened for e-applications for second-time buyers a month later, all 146 remaining units were taken up. Caveats lodged with URA Realis show an average price of $1,335 psf.
“Even though some of the pent-up demand has been alleviated by these launches, we still expect to see healthy demand for ECs,” says Eugene Lim, key executive officer of ERA. “The supply of available ECs is essentially limited compared to the strong demand from first-timers and upgraders.”
Recognising the potential demand in Tengah, there were nine bids for the EC site at Plantation Close Parcel A when the tender closed in September 2023. Hoi Hup and Sunway won the 176,973 sq ft, 99-year leasehold EC site with a bid of $348.5 million, or $703 psf per plot ratio (ppr). The site will be developed into Novo Place.
Given the strong competition for the site, “Novo Place could well be looking at setting a new benchmark price”, says Lim of ERA.
In February, Hoi Hup and Sunway again submitted the highest bid for the adjacent EC site at Plantation Close Parcel B. This time, only four bids were received, with Hoi Hup and Sunway’s winning bid amounting to $423.38 million, or $701 psf ppr. The 215,691 sq ft, 99-year leasehold site can be developed into a new 560-unit EC, with the project expected to launch next year.
According to Koon Wai Leong, general manager of Hoi Hup Realty, both EC sites at Plantation Close are near a range of amenities. The upcoming Tengah Park MRT Station on the Jurong Region Line, expected to open in 2028, is a four-minute walk away. From there, it is just three MRT stops to the Jurong East interchange station, connecting the Jurong Region, East-West, and North-South Lines.
Plantation Close is also near the Jurong Lake District and Singapore’s second CBD, Jurong Gateway (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Proximity to Jurong Lake District
Plantation Close is also near the Jurong Lake District and Singapore’s second CBD, Jurong Gateway. Novo Place is a 10-minute drive from Jurong Gateway, which features Grade-A office buildings and malls such as Jem, Westgate, and IMM Outlet Mall. The Jurong Innovation District, an advanced manufacturing hub, is also a 10-minute drive from Novo Place.
The Jurong Lake District also features attractions such as Jurong Lake Gardens, the new Science Centre designed by Zaha Hadid Architects, and the former Jurong Bird Park site. On October 19, the government launched a public competition to reimagine the 39.2ha Jurong Bird Park site with ideas for work, play, and recreational amenities.
“The URA is shaping the future of workspace by developing the Western Gateway,” says Mark Yip, CEO of Huttons Asia. “It comprises Jurong Lake District, Jurong Innovation District and Tuas Port. The Western Gateway will be served by the upcoming Jurong Region Line.”
Novo Place is near several schools, including Princess Elizabeth Primary School in Bukit Batok — this year’s most oversubscribed school during Phase 2A of the Primary One registration. The school is within a 1km of Novo Place. The upcoming Anglo-Chinese School (Primary) in Tengah is 2km away. Other nearby schools include Dazhong Primary School, Bukit Batok Secondary School, and Dulwich College.
Hoi Hup explains that the name “Novo” was chosen as a play on the French word nouveau, meaning “new”. “We want to redefine the EC market and bring a new level of luxury through our product offering and provisions at Novo Place,” says Koon.
The EC project will have generous amenities, he adds, with four swimming pools, including a 50m lap pool, an 80m wide clubhouse with two club rooms, a dining room, a gym, a lounge where residents can relax or work from home, a children’s playground, tennis court and a wide variety of other private condo amenities.
Designed by ADDP Architects, Novo Place is set to achieve the Green Mark Platinum Super Low Energy certification, with up to 30% of common facilities powered by solar energy. The landscape was designed by STX Landscape Architects.
Showflat of the largest three-bedroom-plus-study of 947 sq ft priced from $1.463 million ($1,545 psf) [Photo: Samuel Isaac Chua/EdgeProp Singapore]
Competitive pricing in the $1,500-$1,600 psf range
Novo Place has seven blocks of 18 storeys spread across the 99-year leasehold site. Unit sizes consist of a mix of three- and four-bedroom layouts. The three-bedroom units range from 872 to 947 sq ft, while the four-bedroom units range from 1,012 sq ft to 1,163 sq ft. Some units feature a study in the living area, while others have a space for a larger study in the master bedroom. “We want to give owners the flexibility to create a study, add more wardrobe space, or enjoy a larger master bedroom if they choose,” says Koon.
Three-bedroom units of 872 sq ft are priced from $1.298 million ($1,489 psf), while three-bedroom-plus-study units of 883 sq ft start at $1.348 million ($1,527 psf). The larger 947 sq ft three-bedroom-plus-study units are priced from $1.463 million ($1,545 psf). Meanwhile, the four-bedroom units of 1,012 sq ft are priced from $1.581 million ($1,562 psf), and the larger four-bedroom-plus-study units of 1,163 sq ft start at $1.779 million ($1,530 psf).
With EC prices likely to trend higher due to rising land costs, Wong Siew Ying, PropNex head of research and content considers the price range of $1,500 psf to $1,600 psf to be “relatively competitive for EC launches”.
Koon of Hoi Hup: We want to redefine the EC market and bring a new level of luxury through our product offering and provisions at Novo Place (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Seasoned developers in EC market
Hoi Hup and Sunway Developments are no strangers to the EC market. Their first joint EC project was the 574-unit Arc at Tampines. Launched in 2011, it was fully sold and completed in 2014.
In recent years, the duo has also developed the 496-unit Parc Canberra in Sembawang and the 700-unit Parc Central Residences in Tampines.
Parc Canberra sold 64% of its units at launch in February 2020, while Parc Central Residences moved 59% of its units when it hit the market in January 2021.
In July 2017, Hoi Hup launched the 531-unit Hundred Palms at Yio Chu Kang Road, selling all units within seven hours on launch day — a record for an EC project. The average price of units sold was $836 psf. The following year, Hoi Hup and Sunway’s 628-unit Rivercove Residences in Sengkang saw 80% of its units snapped up on the first day of sales, at an average price of $965 psf.
“Apart from the developers’ experience in the EC segment, we believe Novo Place also has locational attributes that could appeal to buyers, given its position in the up-and-coming Tengah housing precinct,” says PropNex’s Wong. In addition to Tengah Park Station, it is also within walking distance of Bukit Batok West Station, also on the Jurong Region Line, she adds.
Although prices of new ECs have been rising in recent years, they remain significantly lower than those of suburban condos, Wong points out. Many new suburban or Outside Central Region (OCR) launches have surpassed $2,000 psf.
According to Yip from Huttons, there is typically a price gap of around 30% between new OCR and EC projects. “With the post-harmonisation of GFA, some OCR projects could test price points of $2,300 to $2,400 psf on average in 2025,” he adds. “If $2,300 to $2,400 psf becomes the new norm for OCR project launches, prices of new EC launches may move in tandem.”
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