WOODLANDS residential project Norwood Grand sold 292 units, or 84 per cent of its 348 units, over its launch weekend, at an average selling price of S$2,067 per square foot (psf).
Almost all homebuyers, at 99.7 per cent, are Singaporeans or permanent residents, project developer City Developments Limited (CDL) said on Sunday (Oct 20).
This was the best-performing private residential project launch so far in 2024, CDL said. All unit types were sold, with only four-bedroom premium plus study units remaining.
The units were priced from S$988,000 for a one-bedder plus study (about 495 sq ft in size), S$1.24 million for a two-bedder (624 sq ft), S$1.7 million for a three-bedder deluxe (883 sq ft), and S$2.24 million for a four-bedder deluxe plus study (1,173 sq ft).
Considering the lack of new private residential projects for some time in the locale, the condominium’s pricing is “untested”, he added, but buyers were “generally receptive”.
“Norwood Grand has set a new benchmark launch price in Woodlands,” he said.
Market watchers pointed out that this was the first private residential project in Woodlands since 2012. The strong take-up for Norwood Grand could be due to pent-up demand, with buyers waiting 12 years for a new private residential project launch in the area.
Woodlands is the fourth-biggest Housing and Development Board (HDB) estate, with 72,000 HDB flats – and therefore a large pool of potential HDB upgraders.
Observers also pointed to the attractiveness of the area. The new project is located at Champions Way, near the Singapore Sports School. It is a five-minute walk away from Woodlands South MRT station on the Thomson-East Coast Line, and near Woodlands MRT station and Woodlands Bus Interchange.
As Woodlands is one of Singapore’s four regional centres, astute homebuyers are excited about the growth story and upside potential as (it) progressively transforms into a dynamic commercial hub with new and upgraded infrastructure, and excellent connectivity to the city and Johor Bahru via various transport nodes.
Source : https://www.businesstimes.com.sg/property/cdls-norwood-grand-sells-84-units-s2067-psf-launch
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