Novo Place Executive Condo (EC)

Novo Place EC Review: A Minute’s Walk from Tengah Park MRT

This is a review of the Novo Place EC and its investment potential. Located in the Tengah area in Singapore’s District 24, it will be developed by a joint venture between Hoi Hup Realty and Sunway Developments.

Situated about a minute's walk to the upcoming Tengah Park MRT station (JE 2) on the Jurong Region Line, the 508-unit development will provide residents with convenience and excellent transport connectivity.

Novo Place EC is poised to cater to the growing demand in the exciting new Tengah housing precinct. Set to be Singapore's first "forest town" with car-free zones, green features, and smart tech, it promises a sustainable, nature-filled community.

This review of Novo Place EC will provide an unbiased evaluation of the following:

 

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 a minute's 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.

 

What is the Price of Novo Place EC?

Based on the land cost of $703 psf ppr achieved at the government land sale (GLS) in September 2023, the Novo Place EC is expected to be sold at an average price between $1,450 to $1,500 psf.

 

Comparison to Recent EC Launches

For comparison, the most recent EC launch, Lumina Grand, located nearby at Bukit Batok West Avenue 5, sold 53% of the development at an average price of $1,464 psf during its sales launch in January 2024. Its land cost was $626 psf ppr.

Before Lumina Grand, the Altura EC, located adjacent to it, sold 61.1% of the development at an average price of $1,433 psf in August 2023. Its land cost was $661.67 psf ppr.

 

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.

 

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 one-bedroom to five-bedroom configurations, catering to the diverse needs of homebuyers.

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.

 

About Novo Place EC Location

Novo Place Location MapNovo 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 a minute's 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

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

Novo Place EC is a minute's walk from the Tengah Park MRT station on the Jurong Regional Line.

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 just a minute's 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.

Tengah Town Centre is near Novo Place EC

Tengah Town Centre

 

JEM Shopping Mall is three MRT stations from Novo Place executive condo.

JEM Shopping Mall

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.

Nanyang Technological University (NTU) can be conveniently reached from Novo Place EC via the Jurong Regional Line

Nanyang Technological University (NTU)

Dulwich College is a short walk from Novo Place EC

Dulwich College, Singapore

 

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.

Novo Place EC Review: International Business Park at Jurong Lake District

International Business Park

 

Novo Place EC Review: Jurong Innovation District

Jurong Innovation District

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.

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 of District 22, District 23 and Westwood Residences EC

10-Year Average Price Comparison

As seen from the above charts, they have performed very well, appreciating by 70.52% and 93.51% respectively (as of 9 May 2024).

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. But as in any investment, there are many factors to consider. For example, the potential competition from recently launched and upcoming ECs.

Recently launched ECs include Copen Grand, Altura and Lumina Grand while another EC, also by Hoi Hup and Sunway Developments, will be built next to it.

For more executive condo information, 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.

 

Posted in Outside Central Region, New Properties.

Hi, I'm Lance Kuan, an Associate Marketing Manager at Huttons Asia Pte Ltd, one of the largest property agencies in Singapore.

With almost 30 years of experience in banking, investment and market analysis, I now find immense pleasure in helping others in property investment and asset progression.

My blog - Sg Home Investment - offers essential property reviews, research and guides to help buyers make an informed investment decision. Please feel free to WhatsApp Me if you have any queries about the real estate market in Singapore.

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