CDL’s Norwood Grand Sells 84% of Units at S$2,067 psf, Marking Strongest Launch of 2024

October 20, 2024

CONDOsingapore.com



City Developments Limited (CDL) reported a stellar launch for its Woodlands condominium, Norwood Grand, with 292 out of 348 units (84%) sold over the weekend at an average price of S$2,067 per square foot (psf). The project, which saw 99.7% of buyers as Singaporeans or permanent residents, is the best-performing private residential launch of 2024 so far.

Pricing:

1-bedder + study (495 sq ft): From S$988,000.

2-bedder (624 sq ft): From S$1.24 million.

3-bedder deluxe (883 sq ft): From S$1.7 million.

4-bedder deluxe + study (1,173 sq ft): From S$2.24 million.

Unit Availability: Only four-bedroom premium + study units remain unsold.

Why the Strong Demand?

Pent-Up Demand: Norwood Grand is the first private residential project in Woodlands since 2012, tapping into a long-unmet demand.

Sweet-Spot Pricing: Over 60% of units were priced below S$1.8 million, appealing to HDB upgraders and first-time buyers.

Strategic Location: Situated near Woodlands South MRT (Thomson-East Coast Line) and within walking distance of Woodlands MRT and Bus Interchange, the project benefits from seamless connectivity.

Market Insights:

Huttons Asia CEO Mark Yip: “The pricing is competitive and hard to beat, with most units under S$2 million—a sweet spot for buyers.”

PropNex CEO Ismail Gafoor: “Norwood Grand has set a new benchmark for Woodlands, with buyers receptive to its untested pricing in the area.”

ERA Singapore CEO Marcus Chu: Highlighted the project’s appeal to HDB upgraders in their 30s and 40s, with many purchasing for owner-occupation.

Woodlands’ Growth Potential:

Regional Transformation: Under the government’s Remaking Our Heartland initiative, Woodlands is poised to become the largest economic hub in northern Singapore, with developments like the Woodlands Regional Centre, Woodlands North Coast, and the upcoming Johor-Singapore RTS Link.

Future Prospects: With no immediate government land sales in Woodlands, Norwood Grand’s success could spur interest in resale properties and encourage developers to accelerate upcoming launches.

Broader Market Sentiment:

Improved Confidence: The US Federal Reserve’s 50-basis-point rate cut in September has boosted buyer optimism, translating into increased house-hunting activity.

Resale Market Impact: Mogul.sg’s Nicholas Mak expects Norwood Grand’s success to positively influence resale prices in Woodlands, as buyers unable to secure units may turn to the secondary market.

One Sophia Also Sees Strong Interest:

Over the same weekend, One Sophia, a mixed-use development by SingHaiyi and Ultra Infinity, launched strata office units, selling 23 out of 79 units (30%) at an average price of S$3,330 psf. Located on the site of the former Peace Centre and Peace Mansion, the project combines offices, residences, and retail spaces.

Looking Ahead:

Norwood Grand’s robust sales underscore the resilience of Singapore’s property market, particularly in well-located, competitively priced projects. As Woodlands continues its transformation into a dynamic regional hub, developers and buyers alike are eyeing the area’s long-term growth potential.