Year-end rush: Record six projects set to launch in November
By Cecilia Chow
/ EdgeProp Singapore |
The crowd at the sales gallery of Chuan Park, which opened for preview today (Source: Kingsford Group)
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In an unprecedented move, developers are launching six new residential projects in November. These include City Developments' 366-unit Union Square, SingHaiyi and its joint venture partners' 367-unit The Collective at One Sophia, Sim Lian Group's 846-unit Emerald of Katong, MCL Land and Sinarmas Land's 552-unit Nava Grove, and the 504-unit Novo Place by Hoi Hup and Sunway Developments.
Spread across the Core Central Region (CCR), Rest of Central Region (RCR), and Outside Central Region (OCR), these six projects together contribute a total of 3,551 units to the market.
"The number of units anticipated for launch in 4Q2024 is expected to surpass those released in the first nine months of the year," says Marcus Chu, CEO of ERA Singapore. "This should drive strong take-up in new home sales, with most of 2024's launches concentrated in the final quarter."
Get the latest details on available units and prices for Nava Grove
Source: ERA Singapore
‘Never before’
Ken Low, managing partner of SRI, adds, "We've never seen anything like this before. Even before COVID, the most we had seen was three launches on the same weekend."
Pre-Covid, the most memorable event was on the evening of July 5, 2018, when buyers snapped up over 1,000 units in under five hours before the new cooling measures kicked in at midnight. The sales concentrated on three projects launched that evening: the 805-unit Park Colonial, the 1,472-unit Riverfront Residences and the 1,259-unit Stirling Residences.
Unlike in July 2018, when developers were compelled to launch projects due to cooling measures, they are now rushing to preview their projects by Nov 1-2 for a different reason. "It's the last weekend to capture the market before school holidays begin on Nov 16," says Ismail Gafoor, CEO of PropNex. "Up to 20% of Singaporeans may be travelling by then."
The 916-unit Chuan Park will open for preview today (Artist's impression: Kingsford Group)
Chuan Park
The Kingsford Group announced that its sales gallery for Chuan Park is open for preview today [Oct 31]. The preview will end on Nov 12, with sales booking to commence on Nov 16.
Chuan Park is a redevelopment of the former condo of the same name, which Kingsford purchased en bloc for $890 million in May 2023. It is next to the Lorong Chuan MRT Station in a neighbourhood that hasn't seen a new launch in 14 years. Located in District 19, it is in the OCR.
Chuan Park is next to the Lorong Chuan MRT Station on the Circle Line (Source: EdgeProp Landlens)
The project is across the road from NTP+ (the mall at New Tech Park) and near AMK Mall, The Heartland Mall, Hougang Mall and My Village. It's also near schools such as CHIJ Our Lady of Good Counsel, Nanyang Junior College, St. Gabriel’s Primary School and St. Gabriel’s Secondary School. It's also near the Australian International School and Stamford American Early Learning Village Singapore.
Occupying a site area of 400,500 sq ft, Chuan Park has 916 units across three 22-storey blocks, two 19-storey blocks and two commercial units. Units range from two- to five-bedrooms, from 700 sq ft to 1,841 sq ft. Prices start from over $1.5 million for a two-bedroom, upwards of $2.1 million for a 915 sq ft three-bedroom, $3.1 million for a 1,335 sq ft four-bedroom, and $3.7 million for a 1,550 sq ft five-bedroom.
Emerald of Katong's amenities include nine pools (Artist's impression: Sim Lian Group)
Emerald of Katong
Sim Lian Group announced that it will preview the 846-unit Emerald of Katong on Nov 1, with sales to start on Nov 16. The 99-year leasehold condo is located on Jalan Tembusu, off Tanjong Katong Road and a five-minute walk to Tanjong Katong MRT Station (on the Thomson East Coast Line). It is in the prime District 15 neighbourhood in the RCR.
Units are a mix of one-bedroom to five-bedroom, with sizes from 484 to 1,561 sq ft. Emerald of Katong is launched under the new Gross Floor Area (GFA) harmonisation initiative where air conditioner ledges are not included in the strata area, hence maximising usability and efficiency, according to Sim Lian.
The 846-unit Emerald of Katong is located on Jalan Tembusu, off Tanjong Katong Road in District 15 (Source: EdgeProp Landlens)
Emerald of Katong sits on Jalan Tembusu (Parcel B), a site that Sim Lian purchased for $828.8 million or $1,069 psf per plot ratio (psf ppr) in July last year.
No prices have been revealed yet. Emerald of Katong is across the road from the 638-unit Tembusu Grand by City Developments and MCL Land. The 99-year leasehold condo was launched in April last year, and to date, 521 units (82%) have been sold at an average price of $2,459 psf.
The Collective at One Sophia will preview on Nov 1, with preview sales to begin on Nov 6 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The Collective at One Sophia
SingHaiyi and its joint venture partners will open The Collective at One Sophia for preview on Nov 1. The 367-unit, The Collective at One Sophia, is the residential component of the mixed-use development at 1 Sophia Road, which includes 122 strata-titled office units and 127 retail shops.
One Sophia is a redevelopment of the former 99-year leasehold Peace Centre and Peace Mansion, which SingHaiyi and its joint venture partners purchased collectively for $650 million in December 2021. It's in prime District 9 in the CCR.
One Sophia and The Collective at One Sophia is a mixed-use project and redevelopment of the former Peace Centre and Peace Mansion which SingHaiyi and its joint venture partners purchased for $650 million in Dec 2021 (Source: EdgeProp Landlens)
The 99-year leasehold units are a mix of studios and one- to three-bedroom apartments. Prices start from $1.14 million ($2,650 psf) for a studio, $1.346 million ($2,782 psf) for a one-bedroom, $1.709 million ($2,561 psf) for a two-bedroom and $2.845 million ($2,782 psf) for a three-bedroom.
According to SingHaiyi, private preview sales will start from Nov 6 until the end of the month, with the official launch of The Collective scheduled for January 2025.
Union Square Residences comprises a 40-storey tower with 366 apartments and commercial units at levels 1 and 2. It is part of a large-scale mixed-use development that includes offices, retail and F&B space, and a co-living component (Artist's Impression: City Developments)
Union Square Residences
City Developments Ltd (CDL) announced on Oct 29 that it will preview the 366-unit Union Square Residences on Havelock Road on Nov 1. Sales bookings slated initially for Nov 16 have now been brought forward to Nov 9.
Union Square Residences comprises a 40-storey tower with 366 apartments and commercial units at levels 1 and 2. It is part of a large-scale mixed-use development that includes offices, retail and F&B space, and a co-living component with a hotel licence. The project is a redevelopment of the former Central Mall (a seven-storey office tower with a cluster of conservation shophouses) and Central Square (a mixed-use residential and commercial building). It is in District 1 in the RCR.
Union Square is a redevelopment of the former Central Mall (a seven-storey office tower with a cluster of conservation shophouses) and Central Square (a mixed-use residential and commercial building). It is in District 1 in the RCR (Source: EdgeProp Landlens)
The 99-year leasehold residences are a mix of one-bedroom units from 463 sq ft, two-bedroom units from 700 sq ft, three-bedroom units from 990 sq ft and four-bedroom premium units of 1,518 sq ft. There are also two Sky Suites on levels 38 and 39, each measuring 2,476 sq ft, and a sole penthouse of 4,833 sq ft.
Prices start from $1.38 million ($2,981 psf) for a one-bedroom unit and $1.998 million ($2,854 psf) for a two-bedroom unit. Three-bedroom units are from $2.82 million ($2,848 psf), four-bedroom premium units from $4.62 million ($3,043 psf) and Sky Suites from $9.288 million ($3,751 psf).
"Bringing forward the sales of Union Square by one week is a good idea," says Gafoor of PropNex. "The pricing for one-bedroom from $1.38 million is attractive, and its location in District 1 will not be in direct competition with the other new project launches such as Chuan Park, Emerald of Katong and Nava Grove."
At Novo Place, three-bedroom units of 872 sq ft are priced from $1.298 million ($1,489 psf), while four-bedroom units of 1,012 sq ft are priced from $1.581 million ($1,562 psf) [Photo: Samuel Isaac Chua/EdgeProp Singapore]
Novo Place
Novo Place, an executive condominium (EC) located along Bukit Batok Road, will be open for public preview on Saturday, Nov 2. The preview weekend will also see e-applications open for prospective buyers, and the application window closes on Nov 12, with sales bookings to start on Nov 16.
Hoi Hup Realty and Sunway Developments are the joint developers of the 504-unit EC. Located in Tengah's Plantation district, Novo Place will be within walking distance of the upcoming Tengah Park MRT Station on the future Jurong Regional Line. The station is expected to be completed by 2028.
The EC project comprises seven 18-storey residential blocks, and the unit mix comprises three- to four-bedroom-plus-study units. The developer has not disclosed the respective unit sizes.
Novo Place at Plantation Close in Tengah is near Bukit Batok Road and within 1km of Princess Elizabeth Primary School (Source: OneMap)
At Novo Place, 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).
"Novo Place is the second EC launch in 2024 [after Lumina Grand in January] and is expected to see strong demand amid the dwindling unsold EC stock," says ERA's Chu.
Nava Grove has 552 units across three 24-storey towers and is set to preview on Nov 2 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Nava Grove
The 552-unit Nava Grove by MCL Land and Sinarmas Land will open for preview on Nov 2, with its launch scheduled for Nov 16.
The private condo sits on a 269,522 sq ft, 99-year leasehold site at Pine Grove (Parcel B) that MCL and Sinarmas Land acquired in a land tender in November 2023 for $692.388 million or $1,223 psf per plot ratio (psf ppr).
Nava Grove is a luxury project with a good spread of unit types, ranging from two- to five-bedrooms. Two bedrooms start from 624 sq ft, with prices from $1.388 million ($2,224 psf). Three bedrooms begin at 947 sq ft and are priced from $2.188 million ($2,310 psf). Four-bedroom units start from 1,335 sq ft, with prices upwards of $2.988 million ($2,238 psf). There is also a stack of four-bedroom dual-key units of 1,464 sq ft, priced from $3,468 million ($2,369 psf).
Nava Grove is located at Pine Grove, off Ulu Pandan Road in District 21 and is part of the RCR (Source: EdgeProp Landlens)
The 520-unit Pinetree Hill next door is 72% sold to date at an average price of $2,456 psf. UOL Group and joint venture partner Singapore Land Group launched the 99-year leasehold private condo in July 2023.
"The next two weeks will be exciting, and I wouldn't be surprised—in fact, I'm very confident—that we'll sell over 1,000 units by Nov 16," says PropNex's Gafoor. "It's a good time for homebuyers to go shopping and compare prices to see what suits their needs."
ERA's Chu adds: "The recent launches of 8@BT, Meyer Blue, and Norwood Grand have delivered some of the strongest sales performances of 2024, indicating that buyers are returning to the new home market in a significant way."
Check out the latest listings for Chuan Park, Emerald Of Katong, Novo Place, Nava Grove, Union Square Residences, The Collective At One Sophia properties
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