The recent launch of Emerald of Katong has set the tone for a remarkable surge in new home sales within District 15. Within just three days, 99% of the project’s 846 units were snapped up, with an average price of $2,617 psf, showcasing the fervent demand for quality homes in this highly sought-after East Coast enclave. Notably, even the 13 units that were temporarily returned by buyers were immediately balloted and taken up, further underlining the insatiable appetite among homebuyers.
The success of Emerald of Katong has created ripple effects across the district, propelling sales in neighboring projects like The Continuum, Tembusu Grand, and Grand Dunman. The Continuum, in particular, emerged as a clear beneficiary, selling 130 units in November alone and pushing cumulative sales to 65% of its total 816 units at an average price of $2,788 psf. Buyers were drawn to The Continuum’s compelling value proposition—a mere 6.53% premium for freehold status compared to Emerald of Katong’s 99-year leasehold tenure. This price difference, which is significantly below the usual 15–20% premium for freehold properties, cemented its appeal to discerning buyers.
Key Highlights and Summary:
-
Emerald of Katong's Robust Launch:
- 99% of 846 units sold within three days at an average of $2,617 psf.
- Balloting for returned 13 units attracted over 800 expressions of interest.
-
Ripple Effect on Neighboring Projects:
- The Continuum sold 130 units in November, bringing total sales to 530 units (65%).
- Tembusu Grand saw 52 units sold in November, achieving 91% sales at $2,445 psf average.
- Grand Dunman added 18 units in November, with 731 units (72.5%) sold at $2,531 psf average.
-
Strong Performance in November 2023:
- Over 2,400 private new home sales (excluding ECs) in November, the highest since March 2013.
- Positive market momentum expected to carry into 2025, with new home sales set to benefit from strong buyer demand.
The frenzy surrounding Emerald of Katong and its cascading effects on other projects underscore a significant trend—demand for prime properties, especially in established neighborhoods like District 15, remains resilient despite cooling measures and rising property prices. Homebuyers are clearly still on the hunt for opportunities to enter the market, driven by competitive pricing, location advantages, and value propositions such as freehold tenure.
However, this heightened demand also indicates limited supply and intense competition, leaving many buyers in a position where they are exploring alternative projects or willing to pay premiums for desirable units. Additionally, with November’s stellar performance, we anticipate that 2025 will open on a strong note, as developers ride the wave of momentum created by unmet demand from late 2023.
For buyers, this is an opportune time to take stock of the market and act decisively before prices edge further upward. The current pace of sales highlights the importance of early entry to secure units in prime projects before inventory diminishes.
Are you looking to capitalize on the current property market trends or find your ideal home in a competitive landscape? Reach out today to stay updated on the latest launches and opportunities. Don’t miss the chance to make informed decisions and secure your dream property before it’s gone!