Emerald of Katong, a 99-year leasehold condominium in District 15, made headlines by achieving an astonishing 99% sales rate during its launch weekend. The developer, Sim Lian Group, sold 835 out of 846 units over two days, with prices averaging $2,621 per square foot (psf).
What Drove the Record-Breaking Sales?
Emerald of Katong’s impressive performance began with 3,629 expressions of interest, making it 4.3 times oversubscribed even before its public preview. During VIP sales on November 15, 401 units were taken up, and another 434 units sold on November 16.
Mark Yip, CEO of Huttons Asia, attributed the success to buyers prioritizing larger units with flexible layouts, such as those with studies. “These units appealed to owner-occupiers who value adaptable spaces for their lifestyle needs,” Yip explained.
Price Transparency Bolstered Buyer Confidence
Despite the overwhelming demand, Sim Lian maintained consistent pricing throughout the launch, a decision praised by industry experts. “The developer reassured buyers that they could secure units at the listed price, even with high queue numbers,” said Ismail Gafoor, CEO of PropNex.
The project’s competitive pricing also contributed to its popularity. While actual transaction prices exceeded indicative rates by an average of 3% to 6% for smaller units, Emerald of Katong remained more affordable than nearby developments like Grand Dunman and Tembusu Grand.
Comparison with Neighboring Launches
Emerald of Katong outperformed other launches on the same weekend. The 552-unit Nava Grove achieved a 65% sales rate, while Novo Place, a 504-unit executive condominium, sold 57%.
This robust demand underscored buyers’ preference for the well-connected Katong area, known for its vibrant heritage and proximity to top schools and amenities.
Key Takeaways
With only 11 units remaining, Emerald of Katong has cemented its position as one of 2024’s top-selling projects. Its strategic pricing, flexible layouts, and premium location proved irresistible to buyers.
For those considering the last available units, the time to act is now—this landmark project won’t stay on the market for long.
