Norwood Grand: The Bottom Line
Norwood Grand is a top-tier new launch for 2024, offering a compelling low entry quantum for upgraders and investors. Its strong exit potential is driven by pent-up demand in Woodlands and exceptional MRT connectivity, making it a rare proposition in the current market.
"This year, for 10 months, I have never given more than a seven score for my entire year. With this score, you can safely say that this is one of my top three new launches for 2024."
— Eric Chiew
Norwood Grand: Who Is It For?
Norwood Grand is primarily for HDB upgraders, particularly those residing in Woodlands and its surrounding mature estates, seeking a modern condo near an MRT. It also appeals to investors eyeing value in a transforming region and those looking for a lower entry quantum for a second property.
"Almost 50% of buyers who are buying into a property these days come with an HDB address, which means that 50% of the buyers in private properties are HDB upgraders."
— Marcus Luah
Norwood Grand: Potential Pitfalls
While promising, potential buyers should be aware of certain considerations. The projected exit price of $2,200-$2,300 psf for Woodlands is unprecedented, creating an element of market uncertainty for future resale. Additionally, the development's layout may offer limited pool view units, with many facing the main road and a high-density HDB estate rather than a private enclave.
- Unprecedented Exit Price: The need to exit at $2,200-$2,300 psf in the future is untested in the Woodlands area.
- Limited Pool Views: The site plan indicates pool areas are tucked away, suggesting fewer units will boast direct pool views.
- High-Density Location: Situated within a mature HDB estate, it lacks the exclusivity of a private enclave.
"We do not know the actual launch price yet. But we only know that today, no matter which unit type you buy, you probably need to exit at $2,200 to $2,300 per square foot in the next three to four years later after you collected your keys, and that is something that is unprecedented in the entire Woodlands area."
— Marcus Luah
Norwood Grand Pricing Analysis
CDL acquired the land at $904 per square foot per plot ratio, considered decent compared to recent OCR land sales. The breakeven price is estimated at $1,687 psf. Launch prices are projected to range from $1,948 psf (10% profit margin) to $2,125 psf (20% profit margin). Reviewers estimate an average launch price between $1,950 to $2,000 psf (old calculation), or $2,000 to $2,080 psf (harmonized), making it a very competitive offering.
Comparing to older Woodlands projects and more established OCR locations like Lentor (at $2,200 psf) or Jurong (at $2,800 psf), Norwood Grand's indicative price is considered fair and reasonable. This is the first new launch in Woodlands in 10-12 years, contributing to its value proposition.
"It works out to be $1,950 to $2,000 per square foot, and that's the old calculation. Based on old versus old calculation, No Grand is going to sell this, hopefully, at $1,900 to $2,000, which is a very decent price in today's seller's market."
— Eric Chiew
Norwood Grand Layout & Unit Mix
Norwood Grand offers 348 units across four blocks, featuring a unit mix that leans family-oriented, with 53.4% comprising three- and four-bedders. It's Singapore's second project (and first in the OCR) to implement GFA harmonization, meaning AC ledges are excluded from the built area, effectively presenting units 5% smaller on paper compared to old calculations.
The development boasts a rare tennis court, a desirable amenity. Unit types include one-bedders (starting from $988,000 or $2,020 psf average), two-bed, two-bath units (from $1.28 million or $2,080 psf average), and three-bed, two-bath units (from $1.698 million or $2,000 psf average). Larger units, such as three-bed, three-bath and four-bed, four-bath (1173 sq ft, from $2.23 million or $1,960 psf average), are also available. Some two-bed, two-bath units lack windows in the toilets.
"One- and two-bedders consist of 46.6%, and three- and four-bedders are about 53.4%. Very good, that means this is a family-oriented project."
— Eric Chiew
Norwood Grand Location & Connectivity
Norwood Grand’s prime asset is its superb connectivity to Woodlands South MRT Station (Thomson-East Coast Line), located just 210 meters away (a 2-minute walk). This direct access to the newest MRT line facilitates commutes to central areas like ION Orchard (36 minutes) and even offers a future link to Johor Bahru via the RTS.
While not a mixed development with direct shopping mall access, it’s situated in a mature estate with convenient access to local amenities like coffee shops. The Woodlands area is undergoing significant transformation, including the RTS link, contributing to long-term growth. This proximity to the MRT, coupled with a 13-year pent-up demand for new launches in Woodlands, makes Norwood Grand a unique offering in the OCR.
"It's so near to Woodlands South MRT Station, only 210 meters, a 2-minute walk."
— Eric Chiew