Norwood Grand, in Woodlands, was the best-performing private residential project launch so far in 2024, CDL said.
SINGAPORE: The Woodlands residential project Norwood Grand is selling 292 units, or 84% of its 348 units, over its launch weekend, at an average selling price of S$2,067 per sq ft.Almost all the home buyers, at 99.7%, are Singaporeans or permanent residents, project developer City Developments Ltd (CDL) said on Sunday.
This was the best-performing private residential project launch so far in 2024, CDL said.
All unit types were sold, with only four-bedroom premium plus study units remaining.
The units were priced from S$988,000 for a one-bedder plus study (about 495 sq ft in size), S$1.24mil for a two-bedder (624 sq ft), S$1.7mil for a three-bedder deluxe (883 sq ft), and S$2.24mil for a four-bedder deluxe plus study (1,173 sq ft).
Norwood Grand is also the best-selling project since November 2023’s J’den, said Huttons Asia chief executive officer (CEO) Mark Yip.
“Most of these units are priced S$2mil and below, a sweet spot price for buyers,” he said.
“The prices for the units are competitive and hard to beat.”
Market watchers pointed out that this is the first private residential project in Woodlands since 2012.
The strong take-up for Norwood Grand could be due to pent-up demand, with buyers waiting 12 years for a new private residential project launch in the area.
Nicholas Mak, chief research officer at real estate technology platform Mogul.sg, noted that Woodlands is the fourth-biggest Housing Board estate with 72,000 HDB flats – and therefore has a large pool of potential HDB upgraders.
ERA Singapore CEO Marcus Chu said that “quite a good proportion of the buyers” served by ERA, one of the joint marketing agents for Norwood Grand, were HDB upgraders in their 30s and early 40s buying a home for owner occupation.
“The sweet-spot pricing for this group is up to about S$2.5mil,” he added.
He also highlighted that “there were no other government land sales sites that were sold or available for sale in Woodlands”. — The Straits Times/ANN
