Novo Place EC Review: 4 Minutes Walk from Tengah Park MRT

Why Invest in Novo Place EC?

• Highly Reputable Developers: Novo Place EC is being jointly developed by Hoi Hup Realty Pte Ltd and Sunway Developments, two reputable developers with a proven track record in delivering high-quality residential projects.
• Comprehensive Facilities: A wide range of amenities and facilities that includes swimming pools, a gymnasium, and recreational spaces, catering to the diverse needs of its residents.
• Sustainable Living: Novo Place EC will be designed with sustainability in mind, incorporating eco-friendly features and technologies to promote a greener and more environmentally-conscious lifestyle for its residents.
• Excellent Connectivity: Novo Place EC is about 4 minutes walk from the future Tengah Park MRT station on the Jurong Regional Line and three stops from the Jurong East integrated transport hub. This will provide residents with seamless access and excellent transport connectivity to the rest of Singapore.
• Proximity to Tengah's Car-Free Town Centre: Situated within proximity to Tengah's future car-free town centre, offering residents a unique and sustainable living experience.
• Abundant Greenery: Surrounded by lush greenery, the development is designed to integrate harmoniously with the natural environment. Residents can enjoy the tranquillity of the Tengah Forest while connected to a plethora amenities.
• Nearby Shopping and Dining Options: Residents of Novo Place will have convenient access to a variety of shopping and dining options, with the Tengah Market Place and Jurong East commercial hub just two and three stops away, respectively.
• Ample Recreational Opportunities: Residents of Novo Place EC will also enjoy abundant opportunities for outdoor recreation, including access to parks, nature trails, and other leisure facilities. This includes the Jurong Lake Gardens and Singapore Science Centre 3-4 MRT stations away.
• Proximity to Popular Schools and NTU: Novo Place is located within a 2-km radius of several popular educational institutions. These include Princess Elizabeth, Shuqun Primary Schools, and Anglo-Chinese School (Primary). The latter will become a co-ed school in 2030 when it relocates from its current Barker Road site. Dulwich College, an international school, is just a short walk away. NTU will also be easily accessible via the Jurong Regional Line.
• Promising Investment Potential: The development of Jurong Lake District to become Singapore’s second CBD and Jurong Innovation District offers residents a wide range of job opportunities and commercial activities. This will boost demand for housing and underpin property values.

Novo Place Fact Sheet

Novo Place EC Design Features

Novo Place is designed to offer a modern and sophisticated living experience for its residents. The development will feature a range of unit types, from 3-bedroom to 4-bedroom configurations, catering to the diverse needs of homebuyers - families with children, those who need more space, and property investors looking for a well-connected property with promising growth potential in the new Tengah housing precinct.

The architectural design of Novo Place seeks to create a harmonious balance between the built environment and the surrounding natural landscape. The development will incorporate ample greenery, water features, and communal spaces to promote a sense of tranquillity and well-being for its residents.

It will also offer an enviable range of facilities and amenities, including swimming pools, a gymnasium, a clubhouse, and recreational areas. This will ensure residents enjoy access to a wide range of leisure and wellness options within the EC development.

Some of the standout features include:

• 4 units per level, all being corner units for added privacy
• 5-Facilities Zone - Providing a comprehensive range of facilities for residents of all ages
• 80m-long clubhouse overlooking a linear park
• 2/3 of 504 units with pool views

Novo Place Unit Mix

What are the Prices for Novo Place EC?

During Novo Place EC's sales launch on 16 November 2024, 286 units out of a total of 504 units (56.7%) were sold at an average price of $1,654 psf.

The split between first- and second-timer buyers was 47% and 53%, respectively. The 30% quota - equivalent to 151 units set aside for second-timers was fully taken. The take-up rate could have been higher if not for this quota for second-timers.

However, second-timer buyers will have another opportunity to purchase units at Novo Place when the quota is lifted 30 days later, allowing them to make bookings starting from Dec 16. Strong demand can be expected.

Meanwhile, the following are the indicative launch prices for Novo Place EC:

• 3-Bedroom (872 sq ft): From $1.298M ($1,489 psf)
• 3-Bedroom+Study (883 sq ft): From $1.348M ($1,527 psf)
• 3-Bedroom+Study (947 sq ft): From $1.463M ($1,545 psf)
• 4-Bedroom (1,012 sq ft): From $1.581M ($1,562 psf)
• 4-Bedroom+Study (1,163 sq ft): From $1.779M ($1,530 psf)

During the government land sale (GLS) in September 2023, Hoi Hup Realty and Sunway Developments jointly submitted the highest bid, translating to a land cost of $703 psf ppr.

With rising land prices for executive condos, Novo Place is an opportunity not to be missed.

In the latest EC land tender on 24 October 2024, Sim Lian Group submitted a record-breaking price of $768 psf ppr for the Tampines St 95 site. This surpassed the previous high of $729 psf ppr set in August when a Qingjian Realty-led consortium was awarded the Jalan Loyang Besar EC site.

Comparison to Recent EC Launches (as of 30 October 2024)

For comparison, the last EC launch, Lumina Grand, located nearby at Bukit Batok West Avenue 5, has achieved an average selling price of $1,513 psf, with prices transacted between a range of $1,326 to 1,590 psf. Launched for sale in January 2024, its land cost is $626 psf ppr.

Meanwhile, the neighbouring Altura EC has achieved an average selling price of $1,485 psf, with prices transacted between a range of $1,359 - 1,549 psf. Launched for sale in August 2023, its land cost is $661.67 psf ppr.

With EC land cost continuing on an upward trajectory, Novo Place executive condo will provide a safe entry and a compelling investment opportunity.

As mentioned, in the latest EC land tender at Tampines Street 95, housing developer Sim Lian clinched the site with a record bid of $768 psf ppr.

In the previous two EC land tenders, Qingjian bidded $729 psf ppr for the Jalan Loyang Besar site in August 2024 while Sim Lian paid $721 psf ppr for another plot at Tampines Street 62 in October last year.

Who is the Developer and What is Its Track Record?

Novo Place is being developed by a joint venture between Hoi Hup Realty and Sunway Developments, two established real estate developers with a strong presence in the Singapore residential market.

Together, they bring a wealth of experience and expertise, ensuring that Novo Place EC will be developed to the highest standards and cater to the evolving needs of homebuyers in the Tengah area.

Some projects they have jointly developed include Ki Residences, Sea Esta, Sophia Hills, and The Miltonia Residences.

Hoi Hup Realty Pte Ltd: Hoi Hup Realty is a leading property group with a rich heritage of over 50 years. Renowned for their quality construction, innovative designs, and commitment to excellence, Hoi Hup Realty has an impressive portfolio of residential and commercial developments across Singapore.

Sunway Developments Pte Ltd: Sunway Developments is a prominent Malaysian developer with a global presence. They are known for their integrated developments incorporating residential, commercial, and leisure components. Sunway Developments brings a wealth of experience and international expertise to the Novo EC project.

About Novo Place EC Location

Novo Place is strategically located in the Tengah area, a rapidly developing region in the western part of Singapore. Tengah is envisioned as a "Forest Town" focusing on sustainable and eco-friendly living, making it an attractive destination for homebuyers seeking a unique, green, and progressive living experience.

Located about 4 minutes walk from the upcoming Tengah Park MRT station on the Jurong Regional Line, residents will have seamless connectivity to various parts of Singapore, including the Jurong Lake District, a major commercial and business hub.

Surrounding Novo Place, residents will have access to a wealth of greenery and natural amenities, including the Central Park and Forest Corridor. Integrating urban living and nature is a key feature of the new Tengah housing estate, offering residents a unique and sustainable lifestyle.

Unique Features of Tengah “Forest Town”

New Tengah "Forest Town"

Tengah is Singapore's newest housing estate focusing on green living and sustainability. Some of its unique features are:

• Five unique districts (Plantation, Park, Garden, Brickland, Forest Hill) will be progressively developed. Each will have distinct characteristics to provide residents with a high-standard and wholesome living environment.
• Residents will enjoy a car-free town centre and extensive cycling and pedestrian paths.
• A 100m-wide, 5km-long forest corridor connects Tengah to surrounding greenery.
• Tengah will be Singapore's first public housing estate with centralised cooling for more efficient energy usage.

Transportation Connectivity

Jurong Regional Line Network.

Novo Place EC is conveniently located near the upcoming Tengah Park MRT station (JE2) on the Jurong Region Line where it is scheduled to be completed in 2028. Being 4 minutes walk away, residents will enjoy excellent public transportation connectivity.

The Jurong Region Line will offer direct access to major employment hubs, such as the Jurong Lake District and the Jurong Innovation District.

Moreover, the Tengah Park MRT station is only three stops from the Jurong East integrated transport hub, an MRT interchange for the Jurong Regional, North-South and East-West Lines. This will provide seamless connectivity to the central business district, downtown Singapore, and many parts of Singapore.

In addition to the MRT network, Novo Place EC’s proximity to the Pan-Island Expressway (PIE), Ayer Rajah Expressway (AYE), and Kranji Expressway (KJE) will offer residents quick access to the city, whether commuting to work or exploring various parts of the island.

Shopping Malls and Amenities Near Novo Place EC

Novo Place EC residents will have access to a wide range of shopping, dining, and entertainment options in the surrounding areas, such as the upcoming Tengah Town Centre.

The Tengah Town Centre is being built car-free, with shops and eateries nestled above underground roads. Besides offering a vibrant space for locals to stroll and socialise, it will also be a one-stop destination for daily needs, featuring a supermarket, food court, and various retail stores.

Integrated with a nearby park, it promises a seamless blend of urban convenience and nature's embrace. Residents can look forward to a lively town centre that will offer many conveniences and help connect with their community.

Additionally, Novo Place EC is just three MRT stations to Jurong Gateway, the commercial hub of Jurong Lake District and home to major shopping malls such as Westgate, JEM, and IMM.

Hence, residents will not lack leisure, shopping, and dining options, which include supermarkets, department stores, cinemas and recreational facilities.

Educational Institutions Near Novo Place EC

Residents of Novo Place EC will enjoy access to reputable educational institutions, both at the primary and secondary levels. Within a 2km radius are Shuqun Primary, Princess Elizabeth Primary, and Anglo-Chinese School (Primary) when the latter relocates from its current Barker Road site in 2030.

Hence, residents with young children will enjoy priority admission when registering for Primary 1. Secondary and post-secondary schools near Novo Place EC include Boon Lay Secondary, Dunearn Secondary, Bukit Batok Secondary School and Millenia Institute.

When the Jurong Regional Line is completed in 2029, residents will also have convenient access to the Nanyang Technological University (NTU).

International School

Novo Place EC is about four minutes’ walk from Dulwich College (Singapore). This reputable international school offers a holistic, student-centred learning experience, catering to a diverse student body of over 2,750.

Their curriculum boasts a range of internationally recognised programmes, including the IGCSE syllabus, the IB Diploma Programme (IBDP), and IB Careers-related options.

Its close proximity to Dulwich College presents an attractive investment opportunity, especially considering the extremely high Additional Buyer's Stamp Duty (ABSD) of 60% levied on foreigners buying private properties in Singapore. This policy has driven many expatriate families to the rental market, creating a strong demand for high-quality housing near reputable schools.

Major Employment Hubs Near Novo Place EC

Novo Place EC is located strategically close to several major employment hubs in Singapore. These include the Jurong Lake District (JLD) where the International Business Park is located. It is also near the Jurong Innovation District (JID) and Jurong Island.

JLD is a rapidly developing commercial and business hub set to become a key economic centre in the western part of Singapore and the country's second-largest business district. A hub for cutting-edge industries, it encompasses research institutions, startups, and established companies focusing on advanced manufacturing.

Designed to foster collaboration and innovation with its mix of business spaces, research labs, and amenities, it aims to be a magnet for technology and industry leaders.

Jurong Island is a petrochemical hub with a network of refineries, storage tanks, and pipelines that supply vital materials to the region. Due to its strategic location in the heart of Asia-Pacific trade routes, it is a major supplier of materials across the region.

These employment hubs offer a wide range of job opportunities, making Novo Place EC an attractive option for professionals and families seeking convenient access to their workplaces.

Conclusion: Novo Place Investment Potential

Novo Place EC offers an attractive investment opportunity for homebuyers, driven by several key factors:

Exciting Plans for Tengah: Novo Place EC is situated in Tengah, a new "Forest Town" envisioned by the government to be a sustainable, green, and highly liveable community. This strategic vision for Tengah's future development makes Novo Place EC a compelling investment proposition.

Excellent Connectivity and Location: The development enjoys proximity to major employment hubs like the Jurong Lake District and Jurong Innovation District, as well as access to the Jurong Region Line and major expressways. This ensures convenient commuting and access to job opportunities.

Reputable Developers: The developers behind Novo Place EC have a proven track record of delivering high-quality residential projects, providing homebuyers with confidence in the development's quality.

Competitive Pricing Versus Mass Market Condos: While EC prices have risen, the price gap between ECs and mass market private condos remains significant, making Novo Place EC an attractive investment option. Refer to the chart below.

Less Restrictive Ownership and Sale Criteria: Executive condos have less stringent ownership and sale restrictions compared to new HDB BTO flats that will be launched from October 2024, providing investors with more flexibility in managing property portfolios.

Comparative Market Analysis

But, how have executive condos performed in the western part of Singapore?

To answer this question, we will examine their average price performances (psf) during the past 10-year period. Below are the charts for:

• District 22 (Jurong).
• District 23 (Hillview, Dairy Farm Bukit Panjang, and Choa Chu Kang).

We will also examine how Westwood Residences EC, one of the more recent executive condos, has performed. Located in Jurong West, it was launched in May 2015.

10-Year Average Price Comparison

As seen from the above charts, they have performed very well, appreciating by (as of 9 May 2024):

• District 22: + 70.52%
• District 23: 93.51%.

Westwood Residences EC has also appreciated significantly (+63.72%) despite not being near an MRT station.

In summary, Novo Place EC presents an appealing investment opportunity, especially with rising EC land prices as highlighted earlier in this article. As in any investment, there are many factors to consider. For example, potential competition from recently launched and upcoming ECs.

Recently launched ECs include Copen Grand, Altura and Lumina Grand. Meanwhile, another EC site next to Novo Place EC was also awarded to Hoi Hup and Sunway Developments on 1 February 2024 during the government land tender.

For more information on executive condominiums, please refer to our EC guide, EC FAQs, and EC eligibility criteria. If you wish to speak to an experienced property agent for more market insights, please Whatsapp me.

I hope this review of Novo Place EC has provided you with some valuable market insights. But, if you are looking for other new launches, please check out our property reviews or project information.