Emerald of Katong boosts District 15 new home sales: The Continuum emerges as top beneficiary

Launched a fortnight ago, Sim Lian Group’s Emerald of Katong saw robust weekend sales, with 99% of its 846 units snapped up over three days. As of Nov 30, caveats lodged for Emerald of Katong show that 825 units (97.5%) have been sold at the new 99-year leasehold private condominium on Jalan Tembusu, achieving an average price of $2,617 psf. There was a shortfall of 13 units due to buyers backing out of their purchases following the weekend launch, which began with VIP and multiple-unit sales on Friday, Nov 15, followed by a public launch over the weekend of Nov 16 and 17. Get the latest details on available units and prices for Emerald Of Katong Advertisement Advertisement In response to the buyers backing out, the developer held a balloting session for the 13 units on the morning of Nov 30. “Over 800 expressions of interest were received, and all 13 units were taken up,” says Ismail Gafoor, CEO of PropNex. Emerald of Katong's launch created a ripple effect on neighbouring projects in the East Coast area of prime District 15. Adjacent to Emerald of Katong is the 638-unit Tembusu Grand, developed jointly by City Developments Ltd (CDL) and MCL Land. Since the start of November, 52 units have sold, bringing total sales to 581 units (91%) at an average price of $2,445 psf. Tembusu Grand, a 99-year leasehold development at Jalan Tembusu, was launched in April 2023. Meanwhile, at the 1,008-unit Grand Dunman by SingHaiyi, 18 units were sold since Nov 11, bringing cumulative sales to 731 units (72.5%) at an average price of $2,531 psf. This 99-year leasehold condominium on Dunman Road was launched in July 2023. The biggest beneficiary of Emerald of Katong’s launch was The Continuum, an 816-unit freehold condominium along Thiam Siew Avenue developed by joint venture partners Hoi Hup Realty and Sunway Developments. Since Nov 9, a total of 126 units have been sold, bringing overall sales to 528 units (64.7%) as of Nov 30, based on caveats lodged. The average price of units sold is $2,788 psf. Read also: Boutique condo Hill House reaches new high of $3,267 psf Advertisement Advertisement Over three consecutive days in mid-November, The Continuum recorded strong sales, with 13 units sold on Nov 15, followed by 38 on Nov 16 and 22 on Nov 17, for a three-day total of 73 units. Prior to the launch of Emerald of Katong, The Continuum was 49% sold, leaving 51% of its units still available. “With more available units, buyers had more choices,” says Ismail Gafoor, CEO of PropNex. “In comparison, many of the smaller units at Grand Dunman were already sold.” Another factor driving The Continuum's strong take-up is its pricing, notes Gafoor. The average price at the 99-year leasehold Emerald of Katong is $2,617 psf, while The Continuum, being freehold, achieved an average price of $2,788 psf, representing a premium of just 6.53%. "Typically, a freehold project commands at least a 15% to 20% premium over a 99-year leasehold project in the same neighbourhood," Gafoor explains. "Homebuyers recognized the value proposition and were quick to switch to The Continuum." At Emerald of Katong, the highest psf prices were achieved for the 484 sq ft one-bedroom and 624 sq ft two-bedroom units on high floors, specifically from the 16th to 21st floors. At the launch, 21 such units recorded prices ranging from $2,901 psf to $2,958 psf, based on caveats lodged. Meanwhile, at The Continuum, 13 caveats lodged so far show prices exceeding $3,000 psf. Of these, 11 units were sold this November, including nine two-bedroom, high-floor units ranging in size from 646 to 721 sq ft. These units fetched prices from $3,003 psf to $3,084 psf. Additionally, two compact three-bedroom units measuring 872 sq ft were sold at $3,003 psf and $3,060 psf, respectively. Read also: Emerald of Katong hits 99% sales at launch, averaging $2,621 psf Advertisement Advertisement For lower-floor units, some three- and four-bedroom units ranging from 1,066 sq ft to 1,270 sq ft were sold at prices between $2,667 psf and $2,681 psf during the past month. "November is shaping up to be a strong month for new home sales, providing a significant uplift for the year before the December holidays," says PropNex’s Gafoor. Based on caveats lodged to date, new home sales in November have reached 2,805 units. However, this is not yet the final figure. The current numbers have already surpassed the previous peak of 2,793 monthly private new home sales recorded in March 2013, according to Hutton Data Analytics. "The robust take-up in November will have a positive impact on the take-up rate in 2025," says PropNex's Gafoor. He cites the Emerald of Katong as an example: with over 800 cheques received for just 13 units on Nov 30, many unsuccessful buyers will now be seeking alternatives. "This will undoubtedly boost new home sales at the start of 2025," he concludes. Check out the latest listings for Emerald Of Katong, Tembusu Grand, The Continuum properties Ask Buddy View sale transactions for Tembusu Grand Total number of units in Emerald Of Katong What are the available units left in Emerald Of Katong? Compare price trend of HDB vs Condo vs Landed Projects that obtained TOP recently View sale transactions for Tembusu Grand Total number of units in Emerald Of Katong What are the available units left in Emerald Of Katong? Compare price trend of HDB vs Condo vs Landed Projects that obtained TOP recently