Novo Place EC achieves 88.1% sales during second launch

The sales booking sold 137 units to second-timer homebuyers.

Novo Place EC sold 137 units on 16 December which opened for second-timer homebuyers.

The transactions brought the total sales for Novo Place EC to 444 units or 88.1% of its total inventory of 504 units since its launch in mid-November.

Mark Yip, CEO of Huttons Asia said, “This reflects the keenness among second-timers who are looking for an attractive option to upgrade their lifestyle. Many of the buyers are staying in the West.”

“ECs are seeing robust demand from HDB upgraders due to the comparable quality and finishes to a private condo but at a more affordable price. Furthermore, they are given upfront remission on ABSD,” Yip added.

Following the second sale, the project’s overall average selling price stood at approximately $1,650 psf.

“The slightly elevated average pricing was due to more buyers opting for the deferred down-payment scheme (DPS) which typically has a premium of around 3% over those who opt for the normal down-payment scheme (NPS). The PropNex sales team noted that about 80% of Novo Place EC buyers opted for the DPS,” Ismail Gafoor, CEO of PropNex Realty said.

“With overall private home prices likely to remain firm in the new year, we expect ECs to continue to be relevant, providing an accessible entry into the private housing sector for many households, and in helping them to achieve their aspirations of owning a private residential property,” Gafoor added.