CDL sells 84% of Norwood Grand's units at launch, averaging $2,067psf

The Norwood Grand residential project in Woodlands has had an exceptionally strong launch, with 292 units (84% of its 348 total) sold during its opening weekend. The units were sold at an average price of $2,067 per square foot (psf), marking it as the best-performing private residential project launch of 2024, according to the developer, City Developments Limited (CDL). 

Almost all the buyers, 99.7%, were Singaporeans or permanent residents, emphasizing the domestic appeal of the project. The available unit types, which include one-bedroom plus study, two-bedroom, three-bedroom deluxe, and four-bedroom deluxe plus study, were all sold, except for the four-bedroom premium units. These units were priced starting from $988,000 for a one-bedroom unit (around 495 sq ft) and reaching up to $2.24 million for the largest four-bedroom option (1,173 sq ft).

Norwood Grand has garnered attention for being the first private residential project in Woodlands since 2012, creating significant pent-up demand over the past 12 years. This, combined with competitive pricing, particularly for units priced under $2 million, has contributed to its success. Additionally, Woodlands has a large number of HDB flats—72,000 in total—which offers a substantial base of potential upgraders, further bolstering the demand for private residential units in the area.

The Norwood Grand project’s impressive sales performance was further echoed by Marcus Chu, CEO of ERA Singapore, one of the joint marketing agents for the development. He noted that a significant proportion of buyers served by ERA were HDB upgraders in their 30s and early 40s, purchasing homes for owner occupation. He added that the sweet-spot pricing for this group tends to be up to about $2.5 million.

Chu also pointed out that there are no other Government Land Sales (GLS) sites available or sold in the Woodlandsarea, indicating that there might be no new private residential projects for some time after Norwood Grand. This further boosted the appeal of the development.

The location of Norwood Grand in Champions Way, near the Singapore Sports School, added to its attractiveness. It is just a five-minute walk from Woodlands South MRT station on the Thomson-East Coast Line and also close to Woodlands MRT station and the Woodlands Bus Interchange. Many buyers were also attracted by the upcoming Woodlands Regional Centre, the Woodlands North Coast, and the Rapid Transit System (RTS) Link project, which connects Johor Bahru to Singapore and is expected to be completed by end-2026.

Additionally, Chu emphasized the rejuvenation of Woodlands under the Government’s Remaking Our Heartland program, which is set to transform the area into the largest economic hub in Singapore's northern region. As one of Singapore’s four regional centres, Woodlands is expected to benefit from new infrastructure and improved connectivity to both the city and Johor Bahru, making it an attractive area for forward-looking buyers.

The ERA Singapore CEO also observed that market sentiment had improved following the US Federal Reserve’s 50-basis-point rate cut in September. This has boosted market confidence, leading to more active house-hunting and increasing optimism among home buyers and investors.

Mogul.sg’s Nicholas Mak also highlighted that the average price of Norwood Grand at $2,067 psf was significantly higher than the resale condominium prices in Woodlands. He predicts that the strong sales of this project will have a positive spillover effect on the resale market, potentially leading to price increases in other private residential properties in the area. Some buyers who were unable to secure their desired units may turn to the resale market. Moreover, the success of Norwood Grand is likely to encourage more developers to launch residential projects in the near future, with some potentially bringing forward their planned launch dates.

In addition to Norwood Grand, another project, One Sophia, also launched units over the same weekend. These strata office units, part of a mixed-use development by SingHaiyi and Ultra Infinity, were sold at prices between $3,121 psfand $3,493 psf, totaling $102.5 million. This development, located on the site of the former Peace Centre and Peace Mansion, includes a combination of offices, residences, and retail space.