Launched two weeks ago, the Emerald of Katong, built by Sim Lian Group, has been a major success, with 99% of its 846 units sold in just three days. As of November 30, 825 of the units, which account for 97.5% of the total units, have been sold, achieving an average price of $2,617 per square foot (psf). The only lagging factor is the shortfall of 13 units due to buyers backing out of their initial purchases after the launch weekend. The launch began with VIP and multiple-unit sales on November 15, followed by public sales over the weekend of November 16 and 17.In response to the buyers backing out of their initial purchases, the developer held a balloting session for the 13 units on the morning of November 30. According to Ismail Gafoor, CEO of PropNex, “Over 800 expressions of interest were received, and all 13 units were taken up.” The development saw a surge in interest, which in turn caused a ripple effect on the surrounding projects in the East Coast area of prime District 15. Immediately next to the Emerald of Katong is the Tembusu Grand, an adjoining 638-unit condo, a joint development venture by MCL Land and City Developments Ltd (CDL). The Tembusu Grand has proven to be equally successful, unloading 581 units (or 91% of its total units) at an average price of $2,445 psf as at November 30. Launched in April 2023, this 99-year leasehold development is also located on Jalan Tembusu.Launched in July 2023, the Grand Dunman, a 1,008-unit condo developed by SingHaiyi, has seen 731 (or 72.5% of the total units) fly off the shelf, with an average price of $2,531 psf as at November 11. The project saw a spike of 18 units sold from November 11, bringing its total sales figure to 581 units. The average price of units sold is $2,531 psf, while the development is a 99-year leasehold condo also on Dunman Road. These sold units represent the 18 units out of the 126 units sold since November 9, with a total of 528 (or 64.7%) sold in the month of November. The average price of units sold is $2,788 psf.On November 15, the Emerald of Katong saw its highest psf prices recorded for its 484 sq ft one-bedroom and 624 sq ft two-bedroom units situated on the high floors, particularly from the 16th to 21st floors. Upon launch, 21 of these units recorded prices ranging from $2,901 psf to $2,958 psf, as per the caveats lodged. The Continuum, a freehold condo along Thiam Siew Avenue, a joint venture development of Hoi Hup Realty and Sunway Developments, managed to record prices beyond $3,000 psf since November 9. 126 units have flown off the shelf ever since, with 528 (or 64.7% of the total units) sold as at November 30. Its highest price point is represented by 11 units sold this November, nine of which are two-bedroom high-floor units with sizes ranging from 646 to 721 sq ft which fetched prices of $3,003 psf to $3,084 psf. In addition, two compact three-bedroom units measuring 872 sq ft were sold at $3,003 psf and $3,060 psf, respectively. Some of its lower-floor units are made up of three to four-bedroom units in sizes ranging from 1,066 sq ft to 1,270 sq ft, with prices between $2,667 psf and $2,681 psf for the past month. The prices of these units are likely to rise given the current pace they are moving at. “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 November 30, many unsuccessful buyers will now be seeking alternatives. “This will undoubtedly boost new home sales at the start of 2025,” he concludes.
When making the decision to invest in a condominium, it is crucial to also take into account the maintenance and management of the property. As with most condos, there are generally maintenance fees involved that cover the maintenance of shared spaces and amenities. While these fees may increase the total cost of owning a condo, they also guarantee that the property stays well-maintained and maintains its value. To make things even easier for investors, hiring a property management company can relieve them of the responsibility of day-to-day management, making it a more passive investment. For a list of new condo launches, please visit The Belle Game.