Novo Place EC sells 56% of available units on launch day

The average price of units sold was $1,654 psf.

Novo Place EC (executive condo) in Plantation Close sold 286 out of 504 units at an average price of $1,654 psf, data from PropNex showed.

According to the expert, the demand was due to the dwindling inventory of unsold ECs in the location, as well as its proximity to several schools such as Jurong Primary School, Yuhua Primary School.

“It is also possible that some buyers may decide to purchase units at Novo Place now due to concerns over selling prices of future new EC launches, in view of the higher land prices for these upcoming EC projects,” PropNex added.

It said ECs continue to be popular because “they offer a good value proposition to buyers – product-wise, they are like private condos, but EC prices are substantially lower than that of private condo launches.”

For its part, Huttons said another advantage of buying a new EC is that HDB upgraders receive upfront remission on the ABSD, allowing them to stay in their existing flat and sell it within six months of collecting the keys to their new EC unit.