As 2024 nears its close, Singapore’s executive condominium (EC) market is abuzz with anticipation for the 504-unit Novo Place by Hoi Hup Realty and Sunway Developments, marking this year’s second and final EC release. The new EC arrives amidst robust demand and limited EC supply, with competitive prices starting at S$1,489 per square foot (psf).
286 out of its 504 units (57%) were snapped up on the first day of launch, November 16. The average selling price stood at S$1,654 psf. Notably, the 30% quota for second-timers (151 units) was fully taken up by 1 PM on launch day. For those who missed out due to this quota restriction, you can purchase the remaining unsold units starting December 16, as the quota restriction will be lifted then.
Positioned in the eco-friendly Tengah district, Novo Place is primed to attract both first-time buyers and HDB upgraders seeking a blend of affordability, sustainability, and proximity to major developments in the West Region. This new launch in Tengah follows the remarkable sell-out success of Copen Grand in 2022.
Table of contents
A limited supply and strong demand for ECs
The current EC landscape reveals a high demand for limited availability. Notable recent projects, including CDL’s Lumina Grand and the Altura EC by Qingjian Realty and Santarli Realty, have seen robust uptake. CDL sold 269 units (53%) out of 512 at Lumina Grand during its launch weekend on January 27-28. Based on caveats lodged, the project is now 83% sold at an average price of S$1,510 psf.
Next to Lumina Grand, the 360-unit Altura, which launched in 2023, sold 61% of its units on the first weekend. Altura is now 98% taken up at an average price of S$1,477 psf. Despite these recent EC launches, Eugene Lim, key executive officer of ERA, notes that demand remains strong, given the segment’s affordability relative to private condominiums.
Being the second EC to launch in Tengah, Novo Place follows the successful track record of Copen Grand, Tengah’s first EC, launched in October 2022 by CDL and MCL Land. Copen Grand achieved a 73% sales rate during its opening weekend, appealing largely to first-time buyers attracted by Tengah’s development as a “Forest City” — Singapore’s most eco-forward district to date, bordered by Choa Chu Kang, Jurong East, Jurong West, and Bukit Batok.
When Copen Grand 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 S$1,335 psf for Copen Grand.
Additional reading: Upcoming Executive Condo (EC) sites in 2024 & 2025, Which new EC should you go for?
Novo Place: Competitive pricing starts at S$1,489 psf
Novo Place further caters to the EC demand in Singapore, with psf starting at S$1,489. Comprising seven 18-storey blocks across the 99-year leasehold site, Novo Place features 3- and 4-bedroom layouts with options for additional study spaces. Ranging from 872 to 1,163 square feet, these units provide buyers with the flexibility to customise for additional storage, workspaces, or a larger master bedroom.
Novo Place’s pricing for each unit type:
- 3-bedroom (872 sq ft) – from S$1.298 million (S$1,489 psf)
- 3-bedroom + Study (883 sq ft) – from S$1.348 million (S$1,527 psf)
- 3-bedroom + Study (947 sq ft) – from S$1.463 million (S$1,545 psf)
- 4-bedroom (1,012 sq ft) – from S$1.581 million (S$1,562 psf)
- 4-bedroom + Study (1,163 sq ft) – from S$1.779 million (S$1,530 psf)
Although prices of new ECs have been rising in recent years, analysts consider that Novo Place is attractively priced for premium EC units, given the trend of rising land costs. The price range is also still lower than those of suburban private condos, such as in the Outside Central Region (OCR), where many new launches have surpassed S$2,000 psf.
3
2
3
2
3
2
Proximity to Jurong Lake District and prime education
Positioned in the heart of Tengah, Novo Place offers residents the convenience of Tengah Park MRT station on the Jurong Region Line (JRL), slated to open in 2028, within a 4-minute walk away. This connectivity ensures easy access to Jurong Lake District, as well as other parts of Singapore via the East-West and North-South Lines. By car, 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, as well as the Jurong Innovation District, which is an advanced manufacturing hub.
Not only business and shopping hubs, Novo Place also provides quick and convenient access to lifestyle destinations such as Jurong Lake Gardens and the soon-to-be-redeveloped Jurong Bird Park. The district’s transformation aligns with the government’s vision for a Western Gateway, combining economic hubs such as Tuas Port, Jurong Innovation District, and Jurong Lake District into a major centre for business and recreation.
Novo Place’s location also offers educational advantages, with the most expected school in the precinct, Anglo-Chinese School (Primary), falling within a 1-2 km radius of Novo Place once it moves from Barker Road in 2031. Pioneer Primary will move to Tengah in 2026. Kranji Primary School will move from Choa Chu Kang, along with the opening of another new primary school in Tengah in 2028. These three primary schools will be within a 1 km radius of Novo Place.
For those who taking part in the P1 balloting exercise, here is the complete list of primary schools near Novo Place according to MOE SchoolFinder:
Primary schools within 1 km of Novo Place
- Jurong Primary School
- Princess Elizabeth Primary School
- Yuhua Primary School
- Pioneer Primary School (by 2026)
- Kranji Primary School (by 2028)
Primary schools within 1-2 km of Novo Place
- Bukit View Primary School
- Keming Primary School
- Fuhua Primary School
- Shuqun Primary School
- Dazhong Primary School
- Lianhua Primary School
- St Anthony’s Primary School
- Anglo-Chinese School (by 2031)
Additional reading: Which properties fall within 1km of the new ACS (Primary) in Tengah?
Luxury amenities and sustainability at Novo Place
Designed by ADDP Architects, Novo Place aims for the Green Mark Platinum Super Low Energy certification. Solar energy will power up to 30% of its common facilities, aligning with Tengah’s emphasis on sustainable living. The landscape, crafted by STX Landscape Architects, complements the eco-friendly design with lush greenery and communal areas.
Beyond sustainability, Novo Place aims to redefine EC luxury with a suite of private condo-style amenities. Residents can enjoy four pools among the top-notch facilities, including a 50m lap pool, an 80m wide clubhouse with multi-use spaces, a gym, a lounge, a tennis court, and a children’s playground. Hoi Hup’s general manager, Koon Wai Leong, notes that Novo Place reflects a commitment to elevate living standards within the EC segment.
Hoi Hup-Sunway’s proven track record of EC developments
The Hoi Hup-Sunway partnership has consistently delivered successful EC projects. Some of the notable developments are Parc Canberra in Sembawang and Parc Central Residences in Tampines. These projects were well-received, with Parc Canberra and Parc Central achieving 64% and 59% sales, respectively, during their launch weekends.
Particularly, Hoi Hup’s success extends to the 531-unit Hundred Palms Residences, which sold out within seven hours of its launch in July 2017, setting a record for EC projects. 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.
With such a record, Novo Place is expected to attract interest from buyers drawn to Tengah’s visionary transformation and its prime location within Singapore’s up-and-coming Western Gateway. The affordability of ECs relative to suburban private condos offers a compelling opportunity for potential homebuyers to invest in a property with high growth potential.
Thinking about buying a new launch condo? Use 99.co’s Progressive Payment Calculator to see if it fits your budget!
Tengah’s growing appeal itself has spurred intense competition for new EC sites, with the tender for the Novo Place site at Plantation Close Parcel A drawing nine bids when it closed in September 2023. Hoi Hup Realty and Sunway Developments emerged as the top bidder, securing the 176,973 sq ft, 99-year leasehold site with a S$348.5 million bid. This translates to S$703 psf per plot ratio (ppr).
Just months later, in February 2024, the Hoi Hup-Sunway tandem placed the highest bid again for the adjacent Plantation Close Parcel B site. This time, they won against four contenders with a S$423.38 million bid, or S$701 psf ppr, for the 215,691 sq ft site. This plot will transform into a 560-unit EC, anticipated to launch next year.
Are you still weighing your options and curious about the upcoming EC developments after Novo Place? Get a glimpse of those future EC projects here!
About Ananda Bayu
Ananda has been wrangling Singapore's complex real estate trends into readable bites since 2020. She writes like she's explaining it to a friend over kopi — because who has time for jargon? When off the clock, she’s probably doom-scrolling through cat memes on X, convincing herself it's the highest tier of "creative inspiration".
Looking to sell your property?
Whether your HDB apartment is reaching the end of its Minimum Occupation Period (MOP) or your condo has crossed its Seller Stamp Duty (SSD) window, it is always good to know how much you can potentially gain if you were to list and sell your property. Not only that, you’ll also need to know whether your gains would allow you to right-size to the dream home in the neighbourhood you and your family have been eyeing.
One easy way is to send us a request for a credible and trusted property consultant to reach out to you.
Alternatively, you can jump onto 99.co’s Property Value Tool to get an estimate for free.
If you’re looking for your dream home, be it as a first-time or seasoned homebuyer or seller – say, to upgrade or right-size – you will find it on Singapore’s fastest-growing property portal 99.co.
Meanwhile, if you have an interesting property-related story to share with us, drop us a message here — and we’ll review it and get back to you.
Join our social media communities!
Facebook | Instagram | TikTok | Telegram | YouTube | Twitter
Leave a comment