Norwood Grand located in Woodlands saw almost 85% of its total number of units snapped up within hours at its preview sale today on 19 October 2024 at an average price of $2,067 psf. Norwood Grand is a beautiful condo project developed by reputable City Developments Limited (CDL) which opened for viewing two weeks ago seeking buyer interest with attractive new launch condo prices starting from S$988,000 and just under S$2,000 per square foot (psf).
Located in District 25, Norwood Grand is a 348-unit condominium located along Champions Way offering 495 sqft one-bedroom + study from S$988,000 or S$1,996 psf, 624 sqft two-bedroom units from S$1.238 million (S$1,984 psf), 883 sqft three bedroom units from S$1.698 million (S$1,923 psf) and 1,173 sqft four-bedroom units from S$2.238 million (S$1,908 psf) all spread out over four blocks in this private residential project with the added advantage of an early childhood development centre within the development.
Located on Champions Way, off Woodlands Avenue 1, Norwood Grand is the first private condo to be launched in Woodlands since Parc Rosewood's launch in 2012, Norwood Grand may be the best-selling residential condo project in 2024 after Bukit Sembawang’s 8@BT, where more than half or 83 units were sold at a median price of $2,727 per sq ft (psf), followed by UOL’s Meyer Blue which sold half of its total units at an average price of S$3,260 psf at launch with almost all buyers - Singaporean and permanent residents, only one was a foreigner from the US and Pinetree Hill which transacted at a median price of $2,501 psf.
Purchased by City Developments Limited (CDL) in a government land sale (GLS) tender in September 2023 for about $294.9 million ($904 psf per plot ratio), CDL emerged at the top of six bidders to win the 99-year leasehold site. Other than the parcel of land slated for executive condo (EC) development nearby along Woodlands Drive 17 that could yield 435 units and as of the last government land sales (GLS) programme for 2H2024, no other land sites in Woodlands are available for sale.
There is however a white site at Woodlands Avenue 2 on URA’s Reserve List at Woodlands Central that is available for sale by application and it is one MRT stop away from Norwood Grand. This white site can be developed into a mixed-use development with 440 housing units and 78,000 sqm (839,592 sq ft) of commercial space but it has yet to be triggered for sale.
"With the strong take up seen at Norwood Grand today, I believe this white site may start to gather some interest among developers soon" said associate Group Director Kiwi Lim from Propnex Realty.
The proportion of Singaporean buyers is likely to stay elevated above 85 per cent in the coming months as more foreigners are considering taking up permanent residency or citizenship before buying homes in Singapore. As the cold war between the East and West continue to build up, Singapore will seem more and more attractive for businesses to build their base as Singapore aim to be the critical 'bridge' between the East and the West.
Currently, we are seeing a few top transactions, e.g. the sale of two units at 32 Gilstead for over $14 million each with the buyers of these units being Singapore permanent residents. This kind of transactions is expected to increase next year.
"3 years ago, an integrated condo at Pasir Ris Central was launched by Allgreen Properties and Kerry Properties - Pasir Ris 8 sold 85% of its total units at its launch weekend on 24July 2021 with 415 units out of a total of 487 units snapped up as it breached the psychological benchmark of $2,000 psf for mass market condo launch day price," said associate Group Director Kiwi Lim from Propnex Realty, "Some analysts felt the $2,000 psf may be too high for mass market buyers even for fully integrated condo offering the much desired ultimate convenience to its residents."
Last year on 11 Nov 2023, a 99-year leasehold condominium on the site of the former JCube mall in Jurong East, saw 88% of its 368 units sold during its launch an average selling price of $2,451 psf by Capitaland. Many buyers loved the former JCube and its convenient location as the future J’den will be directly connected to Jurong East MRT interchange and malls such as Westgate, IMM and Jem. This condo project in Jurong was the only 99 year leasehold condo project to achieve $2,451 psf average selling price on launch day.
With current new condo average launch prices seen this year, Norwood Grand presents an attractive entry price for private residential home buyers who expect resale condo prices in Woodlands to hit $2,200 psf by 2027.
"Next year will be a watershed year for Singapore's real estate as almost all new condo projects launching in 2025 are expected to raise the psychological benchmark to $2,500 psf for mass market new condo average launch day prices, especially with foreseeable lower interest rates amidst rising demand for properties in Singapore. The question we have to ask ourselves is... 'How much is too expensive?'" said real estate analyst Kiwi Lim who has been studying the real estate market for more than 10 years.
If you have any comments or if you are looking for new condo projects at safe entry prices, you may email Kiwi Lim at [email protected].