Emerald of Katong enjoyed a stellar launch weekend, with developer Sim Lian Group moving 835 out of 846 units—an impressive 98.7%—in just two days. On its VIP preview on November 15, the project secured buyers for 401 units (47%), followed by another 434 units the next day. Across the weekend, the average selling price stood at $2,621 psf. While Sim Lian declined to comment, industry observers noted that Emerald of Katong likely set a record for same-day sales, surpassing J’Gateway’s 738-unit launch tally in June 2013.
Today, only 11 units remain: nine one-bedroom units and two five-bedroom layouts. All two-, three-, and four-bedroom configurations have been fully taken up. According to Mark Yip, CEO of Huttons Asia, buyers gravitated towards larger units, especially those with studies or flexible layouts—indicating a preference for owner-occupation and adaptable spaces.
Regarded as 2024’s top-selling project in both volume and percentage sold during a single launch weekend, Emerald of Katong’s success is underscored by its timing. Its debut coincided with two other major launches: Nava Grove in Pine Grove (District 21), which sold 359 out of 552 units (65%) on November 16; and Novo Place, an executive condominium (EC) at Plantation Close in Tengah, which sold 57% of its 504 units on the same day.
These three projects wrapped up a remarkable fortnight in which six new residential developments—including one EC—hit the market. Initially, industry insiders like PropNex CEO Ismail Gafoor expressed concern that multiple simultaneous launches might dilute demand. However, with 3,551 units offered in just 14 days, buyers were able to compare options quickly and decisively. Gafoor noted that having so many choices compressed into a short period actually appeared to accelerate decision-making, potentially more so than if the launches had been spread out over months.
Kingsford Group’s decision to move the 916-unit Chuan Park launch forward to November 10, rather than November 16, also played a role. By staggering these major offerings, buyers unable to secure units at one development had the chance to shift their interest to another without feeling torn by simultaneous events. Chuan Park, in turn, performed well, selling 696 units—76%—in a single day at an average of $2,579 psf.
Emerald of Katong’s firm pricing strategy also drove its success. Despite overwhelming demand—3,629 expressions of interest cheques, making it 4.3 times oversubscribed—Sim Lian Group maintained its initial price list. This consistency reassured buyers and agents that even those with later queue numbers would not face sudden price hikes.
According to Marcus Chu, CEO of ERA Singapore, Emerald of Katong’s pricing advantage was evident compared to other new projects in the Rest of Central Region (RCR). While the median RCR price hovers around $2,955 psf, Emerald of Katong offered starting prices from $2,423 psf, making it an attractive proposition for buyers drawn to the East Coast lifestyle and larger developments—a hallmark of District 15’s enduring appeal.
Buyers who missed out on Emerald of Katong looked to comparable projects in the area, such as Grand Dunman, Tembusu Grand, and The Continuum. In the week of November 11 to 16, The Continuum logged 22 new sales, Tembusu Grand 12 units, and Grand Dunman five units. Huttons’ Yip attributes this robust market activity to improved economic conditions, interest rate reductions, and shifting investment priorities, with property increasingly seen as a viable store of wealth amid lower returns from other asset classes.
Huttons estimates that November’s developer sales may reach up to 2,200 units, approaching levels not seen since March 2013 when 2,793 units were sold. Market watchers also note that more local and foreign buyers are employing trust structures to acquire homes for their children—part of broader wealth planning and preservation strategies. Recent data from the Monetary Authority of Singapore (MAS) shows the number of single-family offices rose to 1,650 by August 2024, up 250 from end-2023. At the same time, the M1 money supply increased by $10.2 billion in the first nine months of 2024, further signaling ample liquidity and the allure of Singapore’s real estate market.
