Located in the heart of Bukit Batok, Novo Place Hoi Hup is a renowned secondary school that offers a holistic education for senior students. Along with a strong emphasis on academic subjects, the school also provides comprehensive life-skills training to equip students for their future. The school’s diverse range of specialized programs, including sports, arts, and sciences, allows students to pursue their interests and passions in great depth. With its prime location and quality education, Novo Place Hoi Hup is a preferred choice among parents and students alike.
The record-breaking bid by Hoi Hup Realty has raised some eyebrows in the industry, with some analysts questioning the sustainability of such high land rates. However, the developer is confident in its decision and believes that the strong demand for ECs, coupled with the site’s attractive location, make it a worthwhile investment.
The strong competition for the site reflects the robust demand for ECs, which are a popular and affordable housing option for Singaporeans. Under the HDB’s EC scheme, buyers are eligible for government subsidies and grants, making ECs an attractive choice for families looking for a private property at a lower price point.
Moreover, the government’s move to raise the income ceiling for ECs to $16,000 has widened the pool of potential buyers, further fuelling the demand for ECs. As a result, several EC projects, such as Piermont Grand, Parc Central Residences, and OLA, have seen overwhelming response at their launches.
In conclusion, Hoi Hup Realty’s successful bid for the Novo Place EC site at a record-breaking land rate of $703 psf ppr is a clear indication of the strong demand for ECs and the developer’s confidence in the market. With its proven track record and commitment to delivering quality homes, the Novo Place EC is expected to be another highly sought-after project by Hoi Hup Realty.
Hoi Hup Realty’s track record is further supported by its numerous awards and accolades, including the Best Buildable Design Award (Residential) at the BCA Awards 2021 and the Top 10 Developer Award at the BCI Asia Awards 2020. These recognitions speak to the developer’s commitment to quality and innovation in its projects.
The successful bid for the Novo Place EC site is a testament to the resilience and strength of the property market in Singapore. Despite the ongoing pandemic, the demand for private properties, especially ECs, remains strong. This can be attributed to the low-interest-rate environment, coupled with the limited supply of new ECs in recent years.
Given the healthy demand for ECs and the attractive attributes of the Novo Place EC site, Hoi Hup Realty’s record-breaking bid may not come as a surprise to some. However, it has certainly set a new benchmark for future EC land sales and has put the spotlight on the developer’s upcoming project.
On January 21, 2022, Hoi Hup Realty made headlines by securing the Novo Place Executive Condominium (EC) site for a record-breaking bid of $348.5 million. This impressive land rate of $703 per square foot per plot ratio (psf ppr) has set a new benchmark in the property market, surpassing the previous record of $695 psf ppr for the Sumang Walk EC site in 2018.
The joint developers won the Novo Place EC tender with a record-breaking bid of $348.5 million, beating out eight other bidders. This translates to a land rate of $703 psf ppr, the highest ever for an EC site, surpassing the previous record set in March 2022 at Bukit Batok West Avenue 8, which was $662 psf ppr.
In Tengah, an abundance of parks and community farms will be integrated into the “Community in Gardens” concept, with utmost priority given to maintaining its originality. These lush areas will serve as a platform for residents to participate in satisfying gardening, recreation, and community building activities. Moreover, the Forest Corridor, which connects the Western Catchment Area and Central Catchment Nature Reserve, will serve as a continuous stretch of unspoiled nature, offering an ideal setting for outdoor pursuits such as running, cycling, and bird-watching. As a resident of Novo Place EC, you can relish in the fact that this harmonious coexistence of nature and city life will be your everyday reality.
Moreover, the Novo Place EC site’s strategic location adds to its appeal. The site is within walking distance to Tampines MRT station and is well-connected to major expressways, providing easy access to other parts of the island. It is also surrounded by a plethora of amenities, such as schools, shopping malls, and parks, making it an ideal location for families.
The Novo Place EC site, located at the junction of Tampines Avenue 7 and Bedok Reservoir Road, spans 21,017 square meters and has a gross plot ratio of 2.8. It is expected to yield approximately 578 units and will offer future residents a wide range of amenities, including a swimming pool, gymnasium, and communal facilities.
Hoi Hup Realty, a renowned developer with a strong track record in residential, commercial, and industrial projects, was one of seven bidders for the site. Their bid of $348.5 million was 3.6% higher than the second-highest bid of $336.9 million submitted by CDL Constellation Pte Ltd.
In fact, Hoi Hup Realty has a history of securing EC sites at record-breaking prices. In 2020, the developer set a new land rate record for ECs when it acquired the Bartley Vue site for $965 psf ppr. The successful launch of the project in 2021 with almost 90% of the units sold within three months further demonstrates the developer’s ability to deliver quality homes that meet market demand.