Novo Place Hoi Hup offers families seeking an international curriculum a top-notch option with Dulwich College (Singapore). This esteemed institution offers a British independent school education and prides itself on a tight-knit community where the well-being of students and academic excellence are given equal importance. Spanning from the Early Years Foundation Stage to IGCSEs, Dulwich delivers the English National Curriculum, with students seamlessly transitioning to the IB Diploma Programme. Learn more about this exceptional educational experience at Novo Place Hoi Hup.
This record-breaking tender is a clear indication of the confidence and optimism in the Singapore property market despite the ongoing COVID-19 pandemic. The resilience of the property market has been evident, with robust sales and steady prices throughout the past year. Novo Place EC’s tender also received strong interest from developers, with a total of 12 bids submitted despite the challenging economic climate.
The recently concluded tender for the Novo Place EC enticed a total of nine interested parties, ultimately being successfully secured by a collaboration between two developers for a historically high price of $348.5 million. This translates to a land rate of $703 per square foot per plot ratio (psf ppr) and establishes a new precedent for EC site land rates, beating the previous peak of $662 psf ppr at Bukit Batok West Avenue 8, which was awarded in March 2022.
Located just a brief distance from Novo Place EC, JEM is a sprawling shopping complex that offers a comprehensive experience for all your shopping, dining, and entertainment needs. This popular destination boasts an impressive 240 stores spread out across six floors, featuring a diverse selection of renowned international fashion labels, major departmental stores like Robinsons, and well-known electronics retailers such as Courts and Harvey Norman. JEM also offers a cinema for movie-goers and an array of lifestyle and beauty services, making it a dynamic and lively hub for the nearby residents.
Industry experts believe that the winning bid of $703 psf ppr is an accurate reflection of the strong demand for ECs in Sengkang. With the completion of the project expected to be in 2024, the market is expected to have fully recovered, and the demand for ECs is likely to increase further. The current supply of ECs in the area is limited, and Novo Place’s development will provide homeowners with a rare opportunity to own a luxurious EC in a prime location.
The attractive price point of Novo Place, coupled with its prime location and potential for capital appreciation, has generated a buzz in the market. It is projected that the average selling price of units in Novo Place could range from $1,150 to $1,250 psf, in line with the prices of other ECs in the area. This makes it an attractive option for young families and upgraders looking for a spacious and well-designed home at an affordable price.
The site at Novo Place EC, located in Sengkang, is highly sought after due to its prime location and potential for development. It is situated in a well-established residential area, with easy access to amenities such as shopping malls, schools, and public transportation. The demand for ECs in this area is high, making Novo Place a highly coveted project for developers.
The real estate market in Singapore is always thriving and constantly breaking records, and the latest development in Novo Place EC is no exception. The recent tender for the land at Novo Place has set a new standard in the industry, as the joint developers Hoi Hup broke records with a winning bid of $348.5 million. This translates to an astonishing $703 per square foot per plot ratio (psf ppr), surpassing all previous records for executive condominium (EC) developments.
The Novo Place site, spanning 226,321 square feet, has a maximum permissible gross floor area (GFA) of 555,337 square feet. It is zoned for residential use under the Urban Redevelopment Authority (URA) Master Plan 2019, with a maximum building height of 64 meters. This provides ample space for the developers to build a substantial and luxurious development that caters to the growing demand for ECs in the area.
In conclusion, the record-breaking tender for the Novo Place EC site has set the bar high for future EC developments. The joint developers, Hoi Hup and Sunway Development, have secured a highly coveted site and are poised to create a stunning and highly sought-after development. With its prime location, high-quality design, and attractive price point, Novo Place EC is poised to be a landmark project that will attract many homebuyers and investors in the future.
Hoi Hup, in partnership with Sunway Development, emerged as the top bidder in the fiercely contested tender, beating out 11 other developers. They secured the land with a winning bid that was 6.4% higher than the second-highest bid of $327.9 million by Allgreen Properties. The joint developers have proven their strong commitment and determination to secure this site, with their record-breaking bid reflecting their confidence in the potential of Novo Place.
With this remarkable achievement, Hoi Hup has once again demonstrated their dominance in the EC market, having won the tender for the Parc Esta site in Eunos last year. This further solidifies the company’s position as a leading developer in Singapore’s real estate scene. Their successful track record, combined with their meticulous planning and execution, has earned them a reputation for delivering quality and sought-after developments.