On Oct 19, the first day of sales at NEU at Novena, 44 units were taken up. This means that 51% of the 87 units within the boutique, 19-storey development at Moulmein Rise has been sold. Units sold are said to range from $2,450 to $2,850 psf
NEU at Novena saw 44 units sold on launch day, with a good mix of investors and owner occupiers (Photo: Roxy-Pacific Holdings)
The freehold project is located just across the road from the Novena MRT station, which is linked to three malls, and adjacent to HealthCity Novena in prime District 11. “NEU at Novena’s location can’t be replicated,” says Angela Khoo, director of marketing & sales at Roxy-Pacific Holdings.
The project is developed jointly by Roxy-Pacific, Macly Group and construction company, Lim Wen Heng Holdings. Four marketing agencies were appointed for the project: ERA Realty Network, Huttons Asia, PropNex Realty and SRI.
“Based on my interaction with buyers, there was a good balance between those buying for their own use and those buying for investment,” says Daniel Low, director of project sales and marketing at Huttons Asia.
Even prior to the launch, “We were quite confident that NEU at Novena will see good take-up rate,” says Ismail Gafoor, CEO of PropNex Realty.
“It’s one of the few, if not the only one, where sales on the first day of launch has crossed the 50% mark this year,” reckons Gafoor. “But one must be mindful that the development is not huge, with only 87 units.”
Strong attributes include the project’s location in the Core Central Region, proximity to the MRT station and growth area; the freehold tenure, which is something that people favour; and attractive pricing, notes Gafoor.
In addition to its proximity to HealthCity Novena and the MRT station, NEU at Novena is also within 1km of St Joseph Institution Junior, a sought-after school, says Jack Chua, CEO of ERA Realty Network. “It makes the project a very attractive proposition for both homeowners and investors alike,” he adds.
Two-bedroom units at NEU at Novena are priced from $1.35 million, with many of them sold for around $1.5 million each. “The two-bedroom units saw exceptionally strong demand, due to the good layout, size and attractive pricing,” says ERA’s Chua.
The crowd on the first day of launch (Photo: Roxy-Pacific Holdings)
Another reason for the strong sales could be the fact that “there hasn’t been a new launch in the Novena area in recent years,” observes ERA’s Chua.
The last launch in the Novena area was the 417-unit Soleil@Sinaran, located directly across the road from NEU at Novena. “That was 13 years ago,” points out Ken Low, managing partner of SRI. The 99-year leasehold Soleil@Sinaran is fully sold and completed in 2011.
Based on URA data, Soleil@Sinaran has seen strong rental transactions over the past three years: 193 in 2017; 183 in 2018; and 131 in the first nine months of 2019, cites Low. “That means in any given year, there are rental transactions for at least 45% of the units in the development,” he observes. “That indicates strong rental demand in the area, and is an assurance for investors of NEU at Novena.”
At NEU at Novena, emphasis was also placed on creating a timeless façade, units with highly efficient layouts but offering top-end specifications, to ensure palatable absolute prices, says SRI’s Low. “With prices starting from below $2,500 psf, buyers see obvious capital upside, especially when other competing new launches in the neighbourhood are priced comparatively higher.”
The weekend sales at NEU at Novena, coupled with those at projects launched earlier this year -- such as Boulevard 88, Amber Park and Sky Everton – indicate that “buyers are very selective today; and will only buy into developments that are rightly priced and in good locations,” says Gafoor of PropNex.
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