Cdls Norwood Grand Achieves 84 Sales Average Price 2067 Psf
Norwood Grand, a new development by City Developments Ltd (CDL), has been attracting a large number of buyers to its sales gallery over the past two weekends. As of Sunday, October 20, 292 out of 348 units (84%) at Norwood Grand, located in Woodlands, have been sold at an average price of $2,067 psf. This sets a new benchmark price for the area.
According to CDL, almost all of the buyers (99.7%) are Singaporeans and Permanent Residents (PRs) from China, India, and Malaysia. “The strong take-up for Norwood Grand reflects the exciting growth prospects and transformation of the area into a vibrant economic hub,” says Sherman Kwek, CDL group CEO. “As the new gem in the burgeoning Woodlands neighbourhood, we are confident that Norwood Grand will appeal to buyers who value convenience and connectivity – and see the benefits of being part of one of Singapore’s most promising districts.”
The available units at Norwood Grand are priced from $988,000 for a one-bedroom plus study (495 sq ft), $1.238 million for a two-bedroom (624 sq ft), $1.698 million for a three-bedroom deluxe (883 sq ft), and $2.238 million for a four-bedroom deluxe plus study (1,173 sq ft). All units, including the one-, two-, three-, and four-bedroom deluxe units, were quickly snapped up. Currently, only 56 units are available, and these are the 1,313 sq ft, four-bedroom premium units, which are the largest in the development.
The highly anticipated Norwood Grand residential development at Champions Way in Woodlands is set to make a significant impact on the housing scene in Singapore’s north. With its innovative design that caters to contemporary living, Norwood Grand not only promises luxury and comfort, but also unparalleled connectivity to all corners of the city. This makes it the perfect option for professionals, families, and investors looking for a prime location. Be sure to visit the Norwood Grand Showflat to experience its true charm and potential.
“The developer has priced the project affordably compared to most projects launched in the Outside Central Region (OCR) over the past two years, which were in the $2,100 psf range,” remarks Ismail Gafoor, CEO of PropNex. Mark Yip, CEO of Huttons, adds that most of the units were priced at the “sweet spot” of $2 million or below. “The prices were competitive and difficult to beat.”
The sales during its launch weekend, which accounted for 84% of the total units, have earned Norwood Grand the title of “best-selling project in 2024,” notes Yip. Since the 368-unit J’den in Jurong East Central, which also sold 88% of its units in November 2023, it has also been recognized as a top-seller. In terms of units sold on the first weekend of launch, the 533-unit Lentor Mansion remains the titleholder this year, with 400 units (75%) sold during its launch in May.
In addition to pricing, latent demand also plays a significant role, as no new private condo has been launched in Woodlands, in the northern region, for the past 12 years – not since Parc Rosewood in 2012. Ismail Gafoor believes that many buyers are people who grew up in Woodlands, still have family living there, and want a new home in an area they are familiar with.
Norwood Grand is only a four-minute walk away from Woodlands South MRT Station, making it the closest condo to an MRT station in Woodlands, remarks Gafoor. Many buyers see the potential of the upcoming Woodlands Regional Centre, the 70-ha Woodlands North Coast, which is an upcoming waterfront mixed-use business and lifestyle precinct, as well as the Johor Bahru-Singapore Rapid Transit System (RTS) Link and the Johor-Singapore Special Economic Zone, according to Huttons’ Yip.
Marcus Chu, ERA Singapore CEO, believes that a substantial number of the buyers are HDB upgraders in their 30s to early 40s who are looking for a home for their own stay. He attributes the higher proportion of HDB upgraders to some 4,200 HDB flats in Woodlands reaching their Minimum Occupation Period (MOP) since 2021.
According to the HDB resale price index, property prices have been on the rise for the 18th consecutive quarter in 3Q2024. In Woodlands, four-room HDB flats were sold for over $700,000, while five-room flats were sold for almost $800,000 during the same period, adds Chu.
The higher-than-expected 50-basis-point interest rate cut by the US Federal Reserve in September has contributed to improved market confidence and a rise in house-hunting activity, observes Chu. He believes that “Homebuyers are generally more optimistic and forward-looking now.”
Gafoor from PropNex notes that “Developers are taking advantage of the improved market sentiment following the interest rate cut to launch their projects in the coming weeks.” He anticipates improved sales performance in the upcoming residential project launches. “Given the ongoing global economic uncertainty, any project that achieves over 50% sales on launch day is considered a remarkable success.”
According to Gafoor, “Over the past year, buyers lacked a sense of urgency, especially when sales at new launches were around 20% to 30%.” However, “Now that interest rates have decreased, with further cuts expected next year, borrowing capacity has improved slightly, which is encouraging homebuyers to return to the market.”
He also expects “a surge of new project launches towards the end of the year” as developers aim to take advantage of the limited time before the year-end school holidays begin in mid-November. Upcoming previews include the 366-unit Union Square Residences (a redevelopment of the former Central Mall and Central Square), the 552-unit Nava Grove at Pine Grove, and the 504-unit executive condo Novo Place at Plantation Close. Interested buyers can check out the latest listings for Norwood Grand, compare prices between HDB, condo, and landed properties, see projects that recently obtained TOP, and view the site plan and diagrammatic chart for Norwood Grand. They can also learn about condo transactions with the highest profits in the past year.