Sales of Emerald of Katong, developed by Sim Lian Group, were strong during its launch weekend, with 835 of 846 units (98.7%) being sold in just two days. The VIP sales, which took place on Nov 15, saw 401 units (47%) being taken up, followed by another 434 units on Nov 16. The average price of units sold during the weekend was $2,621 per square foot. Sim Lian declined to comment on the sales figure.
“It probably holds the record for the most number of units sold in a day, surpassing J’Gateway’s 738 units in June 2013,” says Mark Yip, CEO of Huttons Asia.
Only 11 units remain available at Emerald of Katong, consisting of nine one-bedroom and two five-bedroom units. All two-, three-, and four-bedroom unit types have been sold out. According to Yip, buyers preferred the larger units with either a study or flex layout, most likely for owner-occupation purposes to meet their lifestyle needs.
Get the latest information on available units and prices for Emerald of Katong.
Emerald of Katong sales chart as of 9.30pm, Nov 16 (Sources: Real estate agents)
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Top-selling project of 2024
Lee Liat Yeang, senior partner of Dentons Rodyk & Davidson LLP, the developer’s lawyers, refers to Emerald of Katong as the top-selling project of 2024 in terms of both the number of units and the percentage sold during its launch weekend.
The sales performance of the project, located at Jalan Tembusu in District 15 and on a 99-year leasehold, is particularly significant as it was launched on the same weekend as two other projects. Nava Grove, a 552-unit 99-year leasehold development by MCL Land and Sinarmas Land, reportedly sold 359 units on Nov 16, representing 65% of its total units. Meanwhile, Novo Place, a 504-unit executive condominium (EC) at Plantation Close in Tengah by joint developers Hoi Hup Realty and Sunway Developments, is said to have achieved a 57% sales rate on the same day.
These three projects brought the total to six new residential projects (including the EC project) launched over the past two weeks, an unprecedented number. “Initially, we were worried that launching six projects within 14 days might overshadow some of them,” says Ismail Gafoor, CEO of PropNex.
“However, with 3,551 units available, homebuyers had the opportunity to visit all the developments before making their decision,” adds Gafoor. “In fact, having so many choices within a short span of time seemed to help buyers make decisions more quickly. The level of interest may not have been as high if the launches were spread out over two months.”
Gafoor also pointed out that the decision by Kingsford Group to move forward the launch of the 916-unit, 99-year leasehold Chuan Park to Nov 10 instead of Nov 16, also contributed to the strong sales at Emerald of Katong. “Those who may have originally preferred Chuan Park but were unable to secure a unit there had the opportunity to consider Emerald of Katong instead,” says Gafoor. “If the two projects were launched on the same weekend, prospective buyers might have been torn between them. By bringing forward Chuan Park’s launch, both projects benefited.”
Read also: Nava Grove achieves 65% sales on launch weekend at an average price of $2,448 psf
Chuan Park also saw strong sales, with 696 units (representing 76% of its units) being sold in just one day at an average price of $2,579 per square foot.
Holding prices steady
Another factor contributing to the strong sales at Emerald of Katong was the decision by the developer to maintain prices throughout the launch day, despite the overwhelming response. A total of 3,629 cheques were collected as expressions of interest, which translates to the project being oversubscribed 4.3 times. “Sim Lian did not raise their selling prices from the initial price list,” says Gafoor. “This reassured buyers and agents 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.”
Based on caveats lodged, District 15 has always been among the top districts to live in Singapore, notes Huttons’ Yip. “The East Coast lifestyle and limited availability of large projects attracted buyers to Emerald of Katong,” he says.
“Compared with other new projects in the RCR [Rest of Central Region], which have a median price of $2,955 per square foot, Emerald of Katong’s starting price from $2,423 per square foot is very attractive,” says Marcus Chu, CEO of ERA Singapore.
Buyers who were unable to secure a unit at Emerald of Katong turned to other major developments in the vicinity, particularly the three projects launched last year: the 1,008-unit, 99-year leasehold Grand Dunman; the 638-unit, 99-year leasehold Tembusu Grand; and the 816-unit, freehold The Continuum. “All three projects saw good sales on Saturday,” according to Huttons’ Yip.
From Nov 11 to 16, The Continuum reportedly registered 22 new sales, while Tembusu Grand saw 12 units being sold, and Grand Dunman recorded five new sales.
Read also: Novo Place EC achieves 57% sales on launch day at an average price of $1,654 psf Advertisement
Huttons’ Yip attributes the strong sales momentum to “better economic growth and cuts in interest rates”, which have attracted more buyers to the new homes market due to their improved borrowing capacity. He adds that lower returns from other investment assets may have encouraged more buyers to consider property as a preferred investment.
November sales likely to be the highest since March 2013
Huttons estimates that developers’ sales in November could reach up to 2,200 units, approaching the levels seen in March 2013, when 2,793 units were sold.
On-the-ground observations indicate a growing number of prospective local and foreign buyers using trust structures to acquire homes for their children, notes Yip. “Investing in residential property may serve as a form of wealth planning and preservation,” he says. This trend, he adds, reflects 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 grew to 1,650 as of August 2024, an increase of 250 from the end of 2023, according to Huttons. During the same period, the M1 money supply – which includes cash, demand deposits, and other liquid deposits – increased by $10.2 billion in the first nine months of 2024.