Emerald of Katong has experienced strong sales during its launch weekend, with the developer Sim Lian Group selling 835 out of 846 units (98.7%) in just two days. The VIP sales on November 15 saw 401 units (47%) being taken up followed by another 434 units on November 16. With an average price of $2,621 psf, the developer declined to comment on its sales performance.
According to Mark Yip, CEO of Huttons Asia, Emerald of Katong may have set a new record for the most number of units sold in a day, surpassing J’Gateway’s achievement of 738 units in June 2013. Currently, only 11 units remain available at Emerald of Katong – nine one-bedroom and two five-bedroom units. All two-, three-, and four-bedroom units have been sold out. Yip noted that buyers were particularly interested in the larger units with either a study or flex layout, indicating a preference for owner-occupation and a need for versatility to suit their lifestyle needs.
For the latest updates on available units and prices at Emerald Of Katong, interested buyers can enquire for more details.
Real estate senior partner of Dentons Rodyk & Davidson LLP, the developer’s lawyers, Lee Liat Yeang, regards Emerald of Katong as the top-selling project of 2024 in terms of both the number of units sold and the percentage sold during its launch weekend. The 99-year leasehold project, located at Jalan Tembusu in District 15, achieved a remarkable sales performance, especially given that it was launched on the same weekend as two other projects.
Nava Grove, a 99-year leasehold development by MCL Land and Sinarmas Land, reportedly sold 359 units out of its 552 units (65%) on November 16. On the same day, Novo Place, a 504-unit executive condominium (EC) at Plantation Close in Tengah, jointly developed by Hoi Hup Realty and Sunway Developments, achieved a sales rate of 57%. These three projects marked the end of an unprecedented launch of six new residential projects, including an EC project, within the past two weeks. Ismail Gafoor, CEO of PropNex, stated that there were initial concerns that launching so many projects within a short span may result in certain projects being overshadowed. However, with a total of 3,551 units available, homebuyers were able to visit and consider all the developments before making their decision. Having a variety of options within a short period seemed to have helped buyers make their decision more quickly. Gafoor noted that the interest may not have been as intense if the launches had been spread out over a longer period of two months.
Another contributing factor to the strong sales at Emerald of Katong was the developer’s decision to maintain prices throughout the launch day, despite the overwhelming response. As a result, a total of 3,629 cheques were collected as expressions of interest, translating to the project being 4.3 times oversubscribed. Gafoor added that Sim Lian’s decision to not raise their selling prices gave buyers and their agents reassurance that they still had a chance to secure a unit at the same price, even if their queue number was as high as 3,000.
According to Huttons’ Yip, District 15 has always been among the top districts preferred by buyers in Singapore, thanks to its East Coast lifestyle and limited number of large projects. He noted that these factors likely attracted buyers to Emerald of Katong. The starting price of Emerald of Katong, from $2,423 psf, is also very attractive compared to other new projects in the Rest of Central Region, which have a median price of $2,955 psf. Marcus Chu, CEO of ERA Singapore, mentioned that buyers who were unable to secure a unit at Emerald of Katong turned to other major condo projects in the vicinity, particularly the three projects launched last year – Grand Dunman, Tembusu Grand, and The Continuum. These projects all recorded good sales on November 16, according to Huttons’ Yip.
Huttons’ Yip said that the strong sales momentum can be attributed to better economic growth and interest rate cuts, making the new homes market more appealing to buyers with improved borrowing capacity. He added that the lower returns from other investment assets may have also encouraged more buyers to consider property as a preferred investment option.
Rewritten: When considering investing in a Singapore Condo, it is important to take into account the government’s property cooling measures. In an effort to control speculative buying and maintain a steady real estate market, the Singaporean government has implemented several measures over the years. One of these measures is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. Although these measures may affect the short-term profits of condo investments, they also contribute to the overall stability of the market, making it a more secure investment environment in the long run.
Based on their estimate, November sales are likely to reach up to 2,200 units, approaching the levels recorded in March 2013 when 2,793 units were sold. Huttons also noted that they have observed an increasing number of prospective local and foreign buyers utilizing trust structures to acquire homes for their children. This trend could be due to rising wealth among local buyers and an influx of overseas funds into Singapore.
Figures from the Monetary Authority of Singapore (MAS) show that the number of single-family offices saw an increase of 250 from the end of 2023 to 1,650 as of August 2024. During the same period, the M1 money supply, which includes cash, demand deposits, and other liquid deposits, rose by $10.2 billion in the first nine months of 2024. Interested buyers can check out the latest listings for Emerald Of Katong and other condominium properties.
Ask Buddy for the most unprofitable condo transactions in the past year. Interested buyers can also find out the total number of units in Emerald Of Katong and browse through the latest listings for upcoming new launch projects. Don’t miss this opportunity to own a unit in one of Singapore’s top-selling projects of 2024.