Norwood Grand: A Resounding Success in Woodlands
The Woodlands residential project Norwood Grand has taken the real estate market by storm, selling an impressive 84 per cent of its 348 units during its launch weekend. With an average selling price of $2,067 per square foot (psf), this development has set a new benchmark for private residential projects in 2024.
Unprecedented Demand
- Almost all of the home buyers, 99.7 per cent to be exact, are Singaporeans or permanent residents, showcasing the strong domestic interest in this project.
- All unit types were quickly snapped up, with only four-bedroom premium plus study units remaining.
- Pricing for the units ranged from $988,000 for a one-bedder plus study to $2.24 million for a four-bedder deluxe plus study, catering to a diverse range of buyers.
Market Analysis
Market watchers have noted several key factors contributing to the overwhelming success of Norwood Grand:
- This marks the first private residential project in Woodlands since 2012, creating significant pent-up demand among buyers.
- Woodlands, with its 72,000 HDB flats, presents a substantial pool of potential HDB upgraders, driving interest in this new development.
- The strategic location of Norwood Grand near key amenities and transport hubs, such as the upcoming Woodlands Regional Centre and the RTS Link project, has further enhanced its appeal.
Growth Potential
Industry experts are optimistic about the future prospects of Woodlands as a burgeoning economic hub:
- Woodlands is undergoing rejuvenation under the government’s Remaking Our Heartland programme, positioning it as a prime commercial and residential destination in the North region.
- The proximity to the Singapore Sports School, Woodlands South MRT station, and future developments like the RTS Link and Johor-Singapore Special Economic Zone make Norwood Grand a strategic investment opportunity.
With its strategic location, competitive pricing, and promising growth outlook, Norwood Grand has set a new standard for residential developments in Woodlands and captured the attention of savvy homebuyers looking for both quality living spaces and long-term investment potential.