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curl -X POST \
  'http://laksa154.int.ahrefs:8124/' \
  -H 'Content-Type: text/plain' \
  -H 'X-ClickHouse-Database: crawler3' \
  -H 'Authorization: Basic YXBpOg==' \
  -d 'SELECT getAhrefsURLFromUnparsed(src_unparsed) AS found_url, ifNull(toUnixTimestamp(download_stamp), 0) AS crawl_time, ifNull(toUnixTimestamp(props_url_first_seen), 0) AS first_indexed_time, download_http_code AS http_code, src_unparsed AS src_unparsed, src_root_hash AS src_root_hash, history_drop_reason AS history_drop_reason, meta_title AS meta_title, meta_descriptions AS meta_descriptions, attrs_boilerpipe_text AS attrs_boilerpipe_text, attrs_markdown AS attrs_markdown, attrs_readable_markdown AS attrs_readable_markdown, meta_canonical AS meta_canonical FROM crawler3.page_info_local FINAL PREWHERE (src_root_hash, src_unparsed) IN ((getAhrefsRootHashFromUnparsed(getAhrefsUnparsedNoserviceFromURL(\'https://decouplingexpertise.sg/norwood-grand-new-launch-condominium-review-key-risk/\')), getAhrefsUnparsedNoserviceFromURL(\'https://decouplingexpertise.sg/norwood-grand-new-launch-condominium-review-key-risk/\'))) FORMAT JSONEachRow'

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{"found_url":"https:\/\/decouplingexpertise.sg\/norwood-grand-new-launch-condominium-review-key-risk\/","crawl_time":1776454102,"first_indexed_time":1727423892,"http_code":200,"src_unparsed":"sg,decouplingexpertise!\/norwood-grand-new-launch-condominium-review-key-risk\/ s443","src_root_hash":"12919909547317421554","history_drop_reason":null,"meta_title":"Norwood Grand New Launch Review - Key Risk","meta_descriptions":["Launch Price Analysis. HDB Upgrader Demand Analysis. Price Comparison vs Woodlands EC. Key Risk Analysis. Price Catalyst Analysis."],"attrs_boilerpipe_text":"Project Launch Date\nShowroom viewing starting from\n5 Oct 2024\nBooking day on\n19 Oct 2024\nGain a competitive advantage by starting your prep work early.\nBe the first to view the showroom, review site plan and analysze the best stacks for investment.\nDrop us a text and we will seek to help you expedite the preparation process.\nRevised for Latest Information\nPrimer – this article will be constantly updated to reflect the latest information for Norwood Grand New Launch Condo as new information is being released by developers.\nThe scope of this article \nThis article is specifically written for investment minded property buyers. Buyers that prioritise making a profit from real estate.\nInstead of “marketing” the new launch project, this article will seek to \nIdentify the key investment case for Norwood Grand\nDeconstruct the assumptions that is supporting the investment case\nIdentify risk and catalyst within this assumptions \nThe goal is to equip you with a balanced measure of risk and reward to facilitate you in making a level headed purchase decision.\nWe are Decoupling Expertise\nBefore committing the next 5 mins reading this article, it helps to know who is behind the pen. \nWe are a team of specialist realtors that specialises in helping our readers research, shortlist and purchase investment properties. \nLWe believe in delivering informational value upfront without obligations through practical, detailed and data backed long form articles. \nIf you like a more personalised solution tailored to your current consideration drop us a whatsapp text. \nGeneral Project Information  \nThe project is to be situated 5 mins away from Woodlands South MRT. The MRT is located on the TEL line, it is 2 stops away from Lentor MRT.\nThe new launch private condo is the first new launch project to be launched in Woodlands after 10 years.\nHaving said that, several executive condominium projects have been launched in recent years and some of these projects have attained their 5 year minimum occupancy period recently.\nDescription\nDetails\nProject Name\nNorwood Grand\nDeveloper\nCDL Stellar Pte Ltd\nDevelopment Type\nProposed flat housing development comprising 4 blocks of 11-storey apartments (total 348 units) with childcare centre, one level of basement parking, landscape deck with swimming pool and communal facilities on Lot 06633C MK13 at Champions Way (Woodlands Planning Area)\nTenure\n99-year Leasehold\nDistrict\n25 Woodlands\nExpected Date of Vacant Possession\nTBC\nSite Area\n14,432.5 sq m (155,351 sq ft)\nPlot Ratio\n2.1\nGross Floor Area\n30,309 sq m (326,237 sq ft)\nTotal No. of Units\n348 units\nArchitect\nAADP Architect LLP\nMain Contractor\nWoh Hup Pte Ltd\nInterior Design\nIndex Design Pte Ltd\nInvestment case vs marketing hype \nWith every new launch project, there will be lots of hype generated to market it. \nIt’s our job as discerning analysts to put on the researcher hat to figure what is the real investment case behind this project and what’s fluffy and will not help drive real price appreciation.\nNorwood Grand must win the heart of HDB upgraders for it to be a successful investment.\nThe investment case for Norwood Grand is centred around owning a desirable private property that is desirable to HDB upgraders living in the area.\nYour job as a Norwood Grand new launch buyer is to finance and own the property for 3 years during the construction phase and flip it over to HDB upgraders that are looking for a brand new TOP unit for immediate homestay.\nAssumptions that needs to be validated for investment case to be realised\nThere must be substantial HDB upgrader demand \nHDB upgraders must have the affordability to afford the new launch when it TOP\nHDB upgraders will view Norwood Grand as the preferred upgrading option vs resale EC and new EC in Woodlands \nLaunch Price is competitive vs other districts \nWoodlands HDB Upgrader Demand – Analysis \nNorwood Grand’s growth trajectory can be modelled after the growth trajectory of similar OCR condo development in Tampines, Pasir Ris, Seng Kang and Punggol.\nIts demand will be driven primarily by existing HDB dwellers living in Woodlands. It is highly improbable that a buyer will move from a more central location like Yishun, Lentor or Bishan backwards towards Woodlands.\nHence, it is crucial to validate that there is a substantial HDB population within Woodlands to drive demand for Norwood Grand.\n#1 – Size of HDB dwelling population in Woodlands vs other districts\nReferencing the table below. Woodlands is one of the top 5 districts in Singapore with the most HDB units.\nIt currently has 70,072 HDB flats in total and a further 1,609 BTO units have been launched in June 2024.\nSo from a demand volume standpoint, we are seeing a sizable demand pool with a healthy pipeline of new HDB upgraders on its way.\nTown\n1-Room\n2-Room\n3-Room\n4-Room\n5-Room\nExec \/ MG\nStudio\nTotal\nTampines\n1,615\n1,517\n14,274\n32,050\n19,373\n5,849\n664\n75,342\nJurong West\n813\n2,692\n12,616\n29,761\n22,215\n6,507\n602\n75,206\nSengkang\n685\n3,268\n4,161\n32,153\n24,728\n4,463\n731\n70,189\nWoodlands\n2,274\n2,957\n7,131\n29,899\n20,791\n6,191\n829\n70,072\nYishun\n1,259\n2,968\n16,057\n31,334\n10,521\n2,741\n734\n65,614\nBedok\n2,604\n3,055\n23,015\n21,971\n10,773\n2,718\n279\n64,415\nHougang\n668\n2,458\n11,004\n27,306\n11,210\n4,311\n600\n57,557\nPunggol\n1,366\n4,872\n5,708\n24,632\n17,704\n1,126\n403\n55,811\nBukit Merah\n4,665\n6,083\n15,975\n17,190\n9,621\n47\n576\n54,157\nAng Mo Kio\n1,314\n3,807\n24,515\n14,715\n6,150\n502\n307\n51,310\nChoa Chu Kang\n565\n1,368\n2,463\n23,465\n15,952\n4,762\n451\n49,026\nBukit Batok\n919\n3,676\n11,754\n18,483\n7,786\n2,734\n233\n45,585\nToa Payoh\n1,170\n4,231\n16,484\n12,668\n6,412\n854\n366\n42,185\nKallang \/ Whampoa\n4,401\n2,831\n14,169\n12,476\n5,478\n504\n312\n40,171\nBukit Panjang\n223\n1,230\n3,868\n17,224\n10,628\n3,381\n342\n36,896\nQueenstown\n575\n3,968\n16,204\n10,530\n4,337\n356\n408\n36,378\nGeylang\n879\n3,661\n12,022\n10,221\n3,594\n832\n305\n31,514\nSembawang\n955\n3,493\n1,705\n12,250\n9,056\n2,871\n30,330\nPasir Ris\n176\n348\n491\n11,641\n9,379\n7,460\n159\n29,654\nClementi\n474\n770\n12,100\n9,397\n3,364\n625\n26,730\nJurong East\n433\n529\n7,069\n8,188\n5,925\n1,871\n107\n24,122\nSerangoon\n272\n409\n4,531\n10,231\n3,759\n2,365\n65\n21,632\nBishan\n564\n264\n2,357\n9,359\n5,716\n1,660\n152\n20,072\nCentral Area\n2,075\n1,316\n4,262\n3,438\n904\n6\n12,001\nMarine Parade\n1,350\n3,027\n1,798\n1,682\n7,857\nBukit Timah\n49\n439\n920\n683\n380\n83\n2,554\nTengah\n0\n0\n0\n0\n0\n0\n0\n0\nTotal\n30,944\n63,170\n247,401\n433,300\n247,741\n65,116\n8,708\n1,096,380\nOne level deeper into the topic of HDB in different districts, while absolute volume is important, what’s more important is the number of 4 bedroom, 5 bedroom and EAs aka jumbo HDB in the district.\nThese are the high value flats that will be priced anywhere from $700k to $1.0 mil, sellers that successfully resell these units will have the financial resources to upgrade a private condo. \nNo of high value HDB units by district \nTown\nTotal no of 4,5, Exec units\nWoodlands\n56,881\nYishun\n44,596\nTampines\n57,272\nSengkang\n61,344\nPunggol\n43,462\nJurong West\n58,483\n#2 – Affordability of Potential HDB Upgraders in Woodlands\nAside from validating the size of demand, it is important to also validate the affordability of potential HDB upgraders in Woodlands. This is a key factor that drives the price appreciation of ECs and private condos in areas like Punggol and Seng Kang. \nThe virtuous cycle of first time property owners seeking to purchase HDBs in these areas, allows existing HDB property owners to resell their HDBs at a high price and consequently being able to pay higher price for an upgrade to a private condo or EC in the same location. \nWoodlands HDB Median Resale Price\nContrary to common belief that HDB in Woodland is cheap, it is not. \nReferencing the table below, 4 bedroom, 5 bedroom and executive unit prices are priced at similar levels to areas like Punggol and Seng Kang. EAs in Woodlands sees average transactional prices of $848k and current market asking prices ranges around $1.0 mil. \nWoodlands HDB EA – Sale Prices\n#3 –  Will HDB upgraders view Norwood Grand as the preferred upgrading option ?\nHaving validated the first two assumptions, Woodlands as a township does have a substantial HDB buyer pool equipped with adequate financial affordability to upgrade to a private condo. \nBut the greater question is what factors do these HDB upgraders go for and will they view Norwood Grand as their choiced upgrading option ?\nWhat do HDB upgraders prioritise ?\nLet’s put ourselves in the shoes of a prospective HDB upgrader. Imagine running a family with 1 to 2 kids, currently living in a 990 sqft to 1000 plus sqft 4 to 5 room HDB flat.\nWhat will you be prioritising when looking for a new condo to upgrade into ?\nAffordability\nSpace\nLayout efficiency\nProximity to School\nProximity to MRT\nFrom our experience and countless consults with readers, above are the priorities that HDB upgraders mainly look out for, in order of importance.\nContrary to common belief, proximity to mrt matters less to these categories of buyers. Affordability, space and layout efficiency matters more.\nAt the risk of stereotyping, visualise the common archetype or a HDB upgrading family. They normally own a family sedan or SUV, and the wife operating the household normally looks out for space to place child stuff and extra room for helper lodging.\nWhile on the other spectrum, white collar yuppies or upwardly mobile couple without child buying 2 bedders in the city fringe areas tend to prioritize proximity to MRT and seamless commute to city centre.\nIs Norwood Grand’s proximity to MRT a selling point ?\nSo back to Norwood Grand, we felt that the value proposition of being located right next to Woodland South MRT is a plus point, but its pricing and purchase quantum vis a vis competing resale EC in Woodlands is still the most important.\nUnit Type\nAt this point it will be an opportune time to segway into the topic of unit type selection.\nAcknowledging that Woodlands is an area catering to HDB upgraders that are family. It helps to be mindful to select the right product type to fit the market’s demand.\nTo ensure a margin of safety, we encourage you to go for at least a 3 bedroom unit. If budget permits, optimise for a sizable 3 bedroom unit with the following feature.\nUtility room for extra storage\nEnclosed kitchen with window\nExtra study room for helpers lodging or work from home setup\nSingle balcony instead of two balcony\nUnit distribution\nUnit Type\nEstimated Size (sq ft)\nTotal Units\nPercentage (%)\n1-Bedroom+Study\n495\n31\n9%\n2-Bedroom (2 Baths)\n624\n77\n38%\n2-Bedroom+Ensuite Study\n667\n11\n2-Bedroom+Study\n710\n43\n3-Bedroom Deluxe\n872 – 883\n33\n25%\n3-Bedroom+Study\n904\n22\n3-Bedroom Premium+Study\n1,044\n33\n4-Bedroom Deluxe+Study\n1,173\n22\n28%\n4-Bedroom Premium+Study\n1,313 – 1,335\n76\nTotal\n348\n100%\nMore reads on unit size selection and unit selection for new launch \nHow to select a unit in a new launch condo ?\n– Profitable Strategies \nBest condo size for investment\nEstimated launch price\nAs an interim step before moving on to price comparisons of Norwood Grand vs competing condo developments and ECs in Woodlands.\nLet’s work on the possible launch prices for Norwood Grand.\nLand Breakeven Price\nNorwood Grand Cost (psf)\nMarkup\nEstimated launch price\n1,687\n0% (Land Breakeven Price)\n1,687\n1,687\n10%\n1,856\n1,687\n15%\n1,940\n1,687\n20%\n2,024\n1,687\n30%\n2,193\nReferencing the table above, developers normally launch projects with a 15% markup. Hence we are projecting a launch price of $1,900 psf ~ $2,000 psf based on breakeven price. \n#4 – Price Comparison vs Private Condo In Woodlands\nNorwood Grand fare pretty well when comparing against comparable private condo in Woodlands. \nIt is true that there has not been any private condo launches in Woodlands in recent years. There isn’t really a private condo that can be pitted against Norwood Grand in terms of age and “newness”.\nProject Name\nTenure\nCompletion\nNo of units\nAvg Price (S$ psf)\nPrice Disparity vs Norwood Grand\nNorwood Grand\nTBC\nU\/C\n348\n1,940\n0\nWOODHAVEN\n99 yrs FROM 2011\n2015\n298\n1,253\n687\nPARC ROSEWOOD\n99 yrs FROM 2011\n2014\n689\n1,327\n613\nROSEWOOD SUITES\n99 yrs FROM 2008\n2011\n200\n1,026\n914\nCASABLANCA\n99 yrs FROM 2001\n2005\n478\n1,062\n878\nROSEWOOD\n99 yrs FROM 2000\n2003\n437\n1,034\n906\nWOODGROVE CONDOMINIUM\n99 yrs FROM 1997\n1999\n248\n949\n991\nTHE WOODGROVE\n99 yrs FROM 1996\n1998\n72\n939\n1,001\n#5 – Price comparison vs Resale EC in Woodlands\nIf you were to observe, resale ECs are the real threat to private condo launches like Norwood Grand in emerging townships like Woodlands. \nAs part of the government’s agenda to develop a township and attract Singaporeans to live and work in the area. They will initiate lots of affordable BTOs and ECs developments in the area, Punggol and Sengkang serve as a good reference to the lifecycle of such developments. \nFor those that are uninitiated, ECs as a form of government subsidised housing, are priced 15% to 20% lower than comparable condos in the area. \nResale ECs are the real threat to Norwood Grand\nThese ECs when they attain their 5 year MOP and become semi privatised, are deemed as indifferent to a private condo in the eyes of a HDB upgrader. In fact, when the first EC owner passes on part of the government’s discount by pricing the unit at a lower price, these ECs provide a more affordable upgrade option to HDB upgraders. \nWe raise this point, as we observe that private condominiums situated in an area saturated with ECs tend to see lower average profits and take longer to see price appreciation. Generally you would have to wait for the price gap between resale EC and the private condo in the area to close up before seeing reasonable appreciation. \nRefer to the research article “\nEC vs Condo\n” for more insights. \nNorwood Grand Projected Launch Price vs Resale EC Prices\nProject Name\nTenure\nCompletion\nNo of units\nAvg Price (S$ psf)\nPrice Disparity vs Norwood Grand\nNorwood Grand\nTBC\nU\/C\n348\n1,940\n0\nNORTHWAVE\n99 yrs FROM 2015\n2019\n358\n1,269\n671\nBELLEWOODS\n99 yrs FROM 2013\n2017\n561\n1,247\n693\nFORESTVILLE\n99 yrs FROM 2012\n2016\n653\n1,135\n805\nTWIN FOUNTAINS\n99 yrs FROM 2012\n2016\n418\n1,249\n691\nNorwood Grand Purchase Quantum vs Resale EC purchase Quantum\nProject Name\nCompletion\nAvg Price (S$ psf)\nSize of entry 3 bedroom unit\nPurchase Quantum\nQuantum vs Norwood Grand\nNorwood Grand\nU\/C\n1,940\n786\n1,524,840\n0\nNORTHWAVE\n2019\n1,269\n893\n1,133,217\n391,623\nBELLEWOODS\n2017\n1,247\n936\n1,167,192\n357,648\nFORESTVILLE\n2016\n1,135\n1033\n1,172,455\n352,385\nTWIN FOUNTAINS\n2016\n1,249\n1033\n1,290,217\n234,623\nNorwood Grand is $600 psf more expensive than\nresale EC in the area\nNorwood Grand being 11 years younger in lease vs Northwave the youngest EC in the area is $600 psf more expensive. Am stating this not to put dampener on the project, but it is important to note that when buying into Norwood Grand, you are setting the benchmark prices for other development in the Woodlands area. \nThis makes it crucial to consider the upcoming price catalyst that could create new benchmark prices for Norwood grand to be priced against. \n#6 – Norwood Grand Launch Price vs New Launch in Lentor \nTo set the upper bound price comparison, let’s compare Norwood Grand’s estimated launch price vs other new launch developments in the Lentor area, which is 2 stops away from Woodlands South MRT.\nReferencing the table below, if Norwood Grand launch prices come too close to the $2100 psf range, which is the launch prices for Lentor new launch. It is a signal to walk away.\nProject Name\nTenure\nCompletion\nNo of units\nAvg Price (S$ psf)\nNorwood Grand vs Lentor Condo\nNorwood Grand\nTBC\nU\/C\n348\n1,940\n0\nLentor Hills Residences\n99 yrs FROM 2022\n2028\n598\n2,153\n-213\nHillock Green\n99 yrs FROM 2022\n2028\n474\n2,166\n-226\nLentoria\n99 yrs FROM 2022\n2027\n267\n2,170\n-230\nLentor Mansion\n99 yrs FROM 2023\n2028\n533\n2,236\n-296\nLentor Modern\n99 yrs FROM 2021\nU\/C\n605\n2,254\n-314\nEntry Price Consideration\nGood value – anything below $1900 psf\nFair value – $1900 psf \nOver value – $2000 psf and above\nPrice Catalyst for Norwood Grand New Launch\nIn this section, we will cover all the tangible price catalysts that we must look out for that will drive price appreciation for Norwood Grand.\nGetting this off the table first, you will not see us mentioning much of Woodlands District Transformation plan and the RTS project. \nWe felt that these are future states that will only take place in 15 to 20 years. We prefer to base our investment cases on things that will materialise in the near terms, things that can set the stage for a profitable exit asap. \nNew GLS land sales for private condo development matters the most\nWe view new GLS land sales for new private condo development as the single most important criteria for price appreciation of Norwood Grand. You will need new projects to set a new benchmark price that you can price against for exits. \nThe following are GLS land sales in sight that could serve as a price catalyst for Norwood Grand.\nWoodlands Central – GLS land Sales\nWoodlands Drive 17 EC Launch \nRelocation of Singapore Sports School for more housing in Woodlands \nSummary of Norwood Grand as an Investment property \nFrom a risk reward perspective, If you are considering the purchase of Norwood Grand strictly for investment. It is similar to purchasing a unit in J’den during launch, but with the threat of cheaper resale ECs in the area. \nYou must have the holding power to wait for the following factors to be fulfilled for significant price appreciation\nPrice convergences between resale EC and Norwood Grand\nNew private condo launches in Woodlands setting new benchmark prices to purchase Norwood Grand’s prices upwards\nMore amenities being constructed in the Woodlands area to be realised as part of the Woodlands regional centre transformation. \nLatest Floor Plan\nFloor Plan – 1 Bedroom Plus Study\nFloor Plan – 2 Bedroom\nFloor Plan – 2 Bedroom + Ensuite Study\nFloor Plan – 2 Bedroom + Study\nFloor Plan – 3 Bedroom – Type C1\nFloor Plan – 3 Bedroom Plus Study Premium\nFloor Plan – 4 Bedroom Deluxe Plus Study\nFloor Plan – 4 Bedroom Premium Plus Study\nLooking for a competitive edge when selecting a new launch condo ?\nYou will need to marry both head knowledge with ground knowledge. \nBy ploughing through this 9 page article, you would have gained significant head knowledge on what kind of condo development you should be looking at. \nBut the recipe to a successful real estate purchase is often the marrying of 2 components. Head knowledge and experienced on-ground execution. \nThe next step to take will be to get someone to shortlist actual units that fit your budget, selection criteria and to take you through the groundwork of visiting all these units. ","attrs_markdown":"[Skip to content](https:\/\/decouplingexpertise.sg\/norwood-grand-new-launch-condominium-review-key-risk\/#content)\n\n[![](https:\/\/decouplingexpertise.sg\/wp-content\/uploads\/2024\/01\/Logo-2.svg)](https:\/\/decouplingexpertise.sg\/)\n\n- [Home](https:\/\/decouplingexpertise.sg\/)\n- [About](https:\/\/decouplingexpertise.sg\/about-us\/)\n- [Insights](https:\/\/decouplingexpertise.sg\/insights\/)\n  - [![decoupling-icon](https:\/\/decouplingexpertise.sg\/wp-content\/uploads\/2023\/11\/decoupling-icon.png)Decoupling Property](https:\/\/decouplingexpertise.sg\/insights-decoupling-property\/)\n  - [![directory](https:\/\/decouplingexpertise.sg\/wp-content\/uploads\/2023\/12\/directory.png)Decoupling lawyer directory](https:\/\/decouplingexpertise.sg\/insights-decoupling-lawyer-directory\/)\n  - 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[Case Studies](https:\/\/decouplingexpertise.sg\/insights-case-studies\/)\n  - [Tools](https:\/\/decouplingexpertise.sg\/insights-tools\/)\n- [Contact](https:\/\/decouplingexpertise.sg\/contact\/)\n- [Consultation](https:\/\/decouplingexpertise.sg\/norwood-grand-new-launch-condominium-review-key-risk\/)\n  - [Consultation Decoupling Property](https:\/\/decouplingexpertise.sg\/consultation-decoupling-property\/)\n  - [New Launch Condo Research](https:\/\/decouplingexpertise.sg\/consulting-new-launch-condo-research\/)\n\n# Norwood Grand New Launch Condominium Review – Key Risk\n- 30 July 2025\n- Guides to selecting 2nd property, New Launch Condo Research, Purchasing EC\n\n![Norwood Grand New Launch](https:\/\/decouplingexpertise.sg\/wp-content\/uploads\/2024\/09\/Norwood-Grand-Condo-City-Developments-Limited.jpg)\n\n#### Table of Contents\n## Project Launch Date\nShowroom viewing starting from **5 Oct 2024**\n\nBooking day on **19 Oct 2024**\n\nGain a competitive advantage by starting your prep work early.\n\nBe the first to view the showroom, review site plan and analysze the best stacks for investment.\n\nDrop us a text and we will seek to help you expedite the preparation process.\n\n## Revised for Latest Information\nPrimer – this article will be constantly updated to reflect the latest information for Norwood Grand New Launch Condo as new information is being released by developers.\n\n## The scope of this article\nThis article is specifically written for investment minded property buyers. Buyers that prioritise making a profit from real estate.\n\nInstead of “marketing” the new launch project, this article will seek to\n\n- Identify the key investment case for Norwood Grand\n- Deconstruct the assumptions that is supporting the investment case\n- Identify risk and catalyst within this assumptions\n\nThe goal is to equip you with a balanced measure of risk and reward to facilitate you in making a level headed purchase decision.\n\n## We are Decoupling Expertise\nBefore committing the next 5 mins reading this article, it helps to know who is behind the pen.\n\nWe are a team of specialist realtors that specialises in helping our readers research, shortlist and purchase investment properties.\n\nLWe believe in delivering informational value upfront without obligations through practical, detailed and data backed long form articles.\n\nIf you like a more personalised solution tailored to your current consideration drop us a whatsapp text.\n\n## General Project Information\nThe project is to be situated 5 mins away from Woodlands South MRT. The MRT is located on the TEL line, it is 2 stops away from Lentor MRT.\n\nThe new launch private condo is the first new launch project to be launched in Woodlands after 10 years.\n\nHaving said that, several executive condominium projects have been launched in recent years and some of these projects have attained their 5 year minimum occupancy period recently.\n\n|   |   |\n|---|---|\n| **Description** | **Details** |\n| Project Name | Norwood Grand |\n| Developer | CDL Stellar Pte Ltd |\n| Development Type | Proposed flat housing development comprising 4 blocks of 11-storey apartments (total 348 units) with childcare centre, one level of basement parking, landscape deck with swimming pool and communal facilities on Lot 06633C MK13 at Champions Way (Woodlands Planning Area) |\n| Tenure | 99-year Leasehold |\n| District | 25 Woodlands |\n| Expected Date of Vacant Possession | TBC |\n| Site Area | 14,432.5 sq m (155,351 sq ft) |\n| Plot Ratio | 2\\.1 |\n| Gross Floor Area | 30,309 sq m (326,237 sq ft) |\n| Total No. of Units | 348 units |\n| Architect | AADP Architect LLP |\n| Main Contractor | Woh Hup Pte Ltd |\n| Interior Design | Index Design Pte Ltd |\n## Investment case vs marketing hype\nWith every new launch project, there will be lots of hype generated to market it.\n\nIt’s our job as discerning analysts to put on the researcher hat to figure what is the real investment case behind this project and what’s fluffy and will not help drive real price appreciation.\n\n### Norwood Grand must win the heart of HDB upgraders for it to be a successful investment.\nThe investment case for Norwood Grand is centred around owning a desirable private property that is desirable to HDB upgraders living in the area.\n\nYour job as a Norwood Grand new launch buyer is to finance and own the property for 3 years during the construction phase and flip it over to HDB upgraders that are looking for a brand new TOP unit for immediate homestay.\n\n### Assumptions that needs to be validated for investment case to be realised\n1. There must be substantial HDB upgrader demand\n2. HDB upgraders must have the affordability to afford the new launch when it TOP\n3. HDB upgraders will view Norwood Grand as the preferred upgrading option vs resale EC and new EC in Woodlands\n4. Launch Price is competitive vs other districts\n## Woodlands HDB Upgrader Demand – Analysis\nNorwood Grand’s growth trajectory can be modelled after the growth trajectory of similar OCR condo development in Tampines, Pasir Ris, Seng Kang and Punggol.\n\nIts demand will be driven primarily by existing HDB dwellers living in Woodlands. It is highly improbable that a buyer will move from a more central location like Yishun, Lentor or Bishan backwards towards Woodlands.\n\nHence, it is crucial to validate that there is a substantial HDB population within Woodlands to drive demand for Norwood Grand.\n\n## \\#1 – Size of HDB dwelling population in Woodlands vs other districts\nReferencing the table below. Woodlands is one of the top 5 districts in Singapore with the most HDB units.\n\nIt currently has 70,072 HDB flats in total and a further 1,609 BTO units have been launched in June 2024.\n\nSo from a demand volume standpoint, we are seeing a sizable demand pool with a healthy pipeline of new HDB upgraders on its way.\n\n|   |   |   |   |   |   |   |   |   |\n|---|---|---|---|---|---|---|---|---|\n| **Town** | **1-Room** | **2-Room** | **3-Room** | **4-Room** | **5-Room** | **Exec \/ MG** | **Studio** | **Total** |\n| Tampines | 1,615 | 1,517 | 14,274 | 32,050 | 19,373 | 5,849 | 664 | 75,342 |\n| Jurong West | 813 | 2,692 | 12,616 | 29,761 | 22,215 | 6,507 | 602 | 75,206 |\n| Sengkang | 685 | 3,268 | 4,161 | 32,153 | 24,728 | 4,463 | 731 | 70,189 |\n| **Woodlands** | 2,274 | 2,957 | 7,131 | 29,899 | 20,791 | 6,191 | 829 | **70,072** |\n| Yishun | 1,259 | 2,968 | 16,057 | 31,334 | 10,521 | 2,741 | 734 | 65,614 |\n| Bedok | 2,604 | 3,055 | 23,015 | 21,971 | 10,773 | 2,718 | 279 | 64,415 |\n| Hougang | 668 | 2,458 | 11,004 | 27,306 | 11,210 | 4,311 | 600 | 57,557 |\n| Punggol | 1,366 | 4,872 | 5,708 | 24,632 | 17,704 | 1,126 | 403 | 55,811 |\n| Bukit Merah | 4,665 | 6,083 | 15,975 | 17,190 | 9,621 | 47 | 576 | 54,157 |\n| Ang Mo Kio | 1,314 | 3,807 | 24,515 | 14,715 | 6,150 | 502 | 307 | 51,310 |\n| Choa Chu Kang | 565 | 1,368 | 2,463 | 23,465 | 15,952 | 4,762 | 451 | 49,026 |\n| Bukit Batok | 919 | 3,676 | 11,754 | 18,483 | 7,786 | 2,734 | 233 | 45,585 |\n| Toa Payoh | 1,170 | 4,231 | 16,484 | 12,668 | 6,412 | 854 | 366 | 42,185 |\n| Kallang \/ Whampoa | 4,401 | 2,831 | 14,169 | 12,476 | 5,478 | 504 | 312 | 40,171 |\n| Bukit Panjang | 223 | 1,230 | 3,868 | 17,224 | 10,628 | 3,381 | 342 | 36,896 |\n| Queenstown | 575 | 3,968 | 16,204 | 10,530 | 4,337 | 356 | 408 | 36,378 |\n| Geylang | 879 | 3,661 | 12,022 | 10,221 | 3,594 | 832 | 305 | 31,514 |\n| Sembawang | 955 | 3,493 | 1,705 | 12,250 | 9,056 | 2,871 |   | 30,330 |\n| Pasir Ris | 176 | 348 | 491 | 11,641 | 9,379 | 7,460 | 159 | 29,654 |\n| Clementi | 474 | 770 | 12,100 | 9,397 | 3,364 | 625 |   | 26,730 |\n| Jurong East | 433 | 529 | 7,069 | 8,188 | 5,925 | 1,871 | 107 | 24,122 |\n| Serangoon | 272 | 409 | 4,531 | 10,231 | 3,759 | 2,365 | 65 | 21,632 |\n| Bishan | 564 | 264 | 2,357 | 9,359 | 5,716 | 1,660 | 152 | 20,072 |\n| Central Area | 2,075 | 1,316 | 4,262 | 3,438 | 904 | 6 |   | 12,001 |\n| Marine Parade |   | 1,350 | 3,027 | 1,798 | 1,682 |   |   | 7,857 |\n| Bukit Timah |   | 49 | 439 | 920 | 683 | 380 | 83 | 2,554 |\n| Tengah | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |\n| **Total** | **30,944** | **63,170** | **247,401** | **433,300** | **247,741** | **65,116** | **8,708** | **1,096,380** |\n\nOne level deeper into the topic of HDB in different districts, while absolute volume is important, what’s more important is the number of 4 bedroom, 5 bedroom and EAs aka jumbo HDB in the district.\n\nThese are the high value flats that will be priced anywhere from \\$700k to \\$1.0 mil, sellers that successfully resell these units will have the financial resources to upgrade a private condo.\n\n### No of high value HDB units by district\n|   |   |\n|---|---|\n| **Town** | **Total no of 4,5, Exec units** |\n| Woodlands | 56,881 |\n| Yishun | 44,596 |\n| Tampines | 57,272 |\n| Sengkang | 61,344 |\n| Punggol | 43,462 |\n| Jurong West | 58,483 |\n## \\#2 – Affordability of Potential HDB Upgraders in Woodlands\nAside from validating the size of demand, it is important to also validate the affordability of potential HDB upgraders in Woodlands. This is a key factor that drives the price appreciation of ECs and private condos in areas like Punggol and Seng Kang.\n\nThe virtuous cycle of first time property owners seeking to purchase HDBs in these areas, allows existing HDB property owners to resell their HDBs at a high price and consequently being able to pay higher price for an upgrade to a private condo or EC in the same location.\n\n### Woodlands HDB Median Resale Price\nContrary to common belief that HDB in Woodland is cheap, it is not.\n\nReferencing the table below, 4 bedroom, 5 bedroom and executive unit prices are priced at similar levels to areas like Punggol and Seng Kang. EAs in Woodlands sees average transactional prices of \\$848k and current market asking prices ranges around \\$1.0 mil.\n\n![Woodlands - HDB - Resale Prices](https:\/\/decouplingexpertise.sg\/wp-content\/uploads\/2024\/09\/Screenshot-6.png)\n\n### Woodlands HDB EA – Sale Prices\n![Woodlands HDB EA - Sale Price](https:\/\/decouplingexpertise.sg\/wp-content\/uploads\/2024\/09\/Woodlands-HDB-EA-Sale-Price-1-1024x543.png)\n\n## \\#3 – Will HDB upgraders view Norwood Grand as the preferred upgrading option ?\nHaving validated the first two assumptions, Woodlands as a township does have a substantial HDB buyer pool equipped with adequate financial affordability to upgrade to a private condo.\n\nBut the greater question is what factors do these HDB upgraders go for and will they view Norwood Grand as their choiced upgrading option ?\n\n### What do HDB upgraders prioritise ?\nLet’s put ourselves in the shoes of a prospective HDB upgrader. Imagine running a family with 1 to 2 kids, currently living in a 990 sqft to 1000 plus sqft 4 to 5 room HDB flat.\n\nWhat will you be prioritising when looking for a new condo to upgrade into ?\n\n1. Affordability\n2. Space\n3. Layout efficiency\n4. Proximity to School\n5. Proximity to MRT\n\nFrom our experience and countless consults with readers, above are the priorities that HDB upgraders mainly look out for, in order of importance.\n\nContrary to common belief, proximity to mrt matters less to these categories of buyers. Affordability, space and layout efficiency matters more.\n\nAt the risk of stereotyping, visualise the common archetype or a HDB upgrading family. They normally own a family sedan or SUV, and the wife operating the household normally looks out for space to place child stuff and extra room for helper lodging.\n\nWhile on the other spectrum, white collar yuppies or upwardly mobile couple without child buying 2 bedders in the city fringe areas tend to prioritize proximity to MRT and seamless commute to city centre.\n\n### Is Norwood Grand’s proximity to MRT a selling point ?\nSo back to Norwood Grand, we felt that the value proposition of being located right next to Woodland South MRT is a plus point, but its pricing and purchase quantum vis a vis competing resale EC in Woodlands is still the most important.\n\n### Unit Type\nAt this point it will be an opportune time to segway into the topic of unit type selection.\n\nAcknowledging that Woodlands is an area catering to HDB upgraders that are family. It helps to be mindful to select the right product type to fit the market’s demand.\n\nTo ensure a margin of safety, we encourage you to go for at least a 3 bedroom unit. If budget permits, optimise for a sizable 3 bedroom unit with the following feature.\n\n- Utility room for extra storage\n- Enclosed kitchen with window\n- Extra study room for helpers lodging or work from home setup\n- Single balcony instead of two balcony\n### Unit distribution\n|   |   |   |   |\n|---|---|---|---|\n| **Unit Type** | **Estimated Size (sq ft)** | **Total Units** | **Percentage (%)** |\n| 1-Bedroom+Study | 495 | 31 | 9% |\n| 2-Bedroom (2 Baths) | 624 | 77 | 38% |\n| 2-Bedroom+Ensuite Study | 667 | 11 |   |\n| 2-Bedroom+Study | 710 | 43 |   |\n| 3-Bedroom Deluxe | 872 – 883 | 33 | 25% |\n| 3-Bedroom+Study | 904 | 22 |   |\n| 3-Bedroom Premium+Study | 1,044 | 33 |   |\n| 4-Bedroom Deluxe+Study | 1,173 | 22 | 28% |\n| 4-Bedroom Premium+Study | 1,313 – 1,335 | 76 |   |\n| **Total** |   | **348** | **100%** |\n\n**More reads on unit size selection and unit selection for new launch**\n\n- [How to select a unit in a new launch condo ?](https:\/\/decouplingexpertise.sg\/how-to-select-a-unit-in-a-new-launch-condo-profitable-strategies\/) – Profitable Strategies\n- [Best condo size for investment](https:\/\/decouplingexpertise.sg\/best-condo-size-for-investment-in-singapore\/)\n## Estimated launch price\nAs an interim step before moving on to price comparisons of Norwood Grand vs competing condo developments and ECs in Woodlands.\n\nLet’s work on the possible launch prices for Norwood Grand.\n\n### Land Breakeven Price\n![Norwood Grand Land Breakeven Price](https:\/\/decouplingexpertise.sg\/wp-content\/uploads\/2024\/09\/Screenshot-2024-09-26-105626.png)\n\n|   |   |   |\n|---|---|---|\n| **Norwood Grand Cost (psf)** | **Markup** | **Estimated launch price** |\n| 1,687 | 0% (Land Breakeven Price) | 1,687 |\n| 1,687 | 10% | 1,856 |\n| **1,687** | **15%** | **1,940** |\n| 1,687 | 20% | 2,024 |\n| 1,687 | 30% | 2,193 |\n\nReferencing the table above, developers normally launch projects with a 15% markup. Hence we are projecting a launch price of \\$1,900 psf ~ \\$2,000 psf based on breakeven price.\n\n## \\#4 – Price Comparison vs Private Condo In Woodlands\nNorwood Grand fare pretty well when comparing against comparable private condo in Woodlands.\n\nIt is true that there has not been any private condo launches in Woodlands in recent years. There isn’t really a private condo that can be pitted against Norwood Grand in terms of age and “newness”.\n\n|   |   |   |   |   |   |\n|---|---|---|---|---|---|\n| **Project Name** | **Tenure** | **Completion** | **No of units** | **Avg Price (S\\$ psf)** | **Price Disparity vs Norwood Grand** |\n| Norwood Grand | TBC | U\/C | 348 | 1,940 | 0 |\n| WOODHAVEN | 99 yrs FROM 2011 | 2015 | 298 | 1,253 | 687 |\n| PARC ROSEWOOD | 99 yrs FROM 2011 | 2014 | 689 | 1,327 | 613 |\n| ROSEWOOD SUITES | 99 yrs FROM 2008 | 2011 | 200 | 1,026 | 914 |\n| CASABLANCA | 99 yrs FROM 2001 | 2005 | 478 | 1,062 | 878 |\n| ROSEWOOD | 99 yrs FROM 2000 | 2003 | 437 | 1,034 | 906 |\n| WOODGROVE CONDOMINIUM | 99 yrs FROM 1997 | 1999 | 248 | 949 | 991 |\n| THE WOODGROVE | 99 yrs FROM 1996 | 1998 | 72 | 939 | 1,001 |\n## \\#5 – Price comparison vs Resale EC in Woodlands\nIf you were to observe, resale ECs are the real threat to private condo launches like Norwood Grand in emerging townships like Woodlands.\n\nAs part of the government’s agenda to develop a township and attract Singaporeans to live and work in the area. They will initiate lots of affordable BTOs and ECs developments in the area, Punggol and Sengkang serve as a good reference to the lifecycle of such developments.\n\nFor those that are uninitiated, ECs as a form of government subsidised housing, are priced 15% to 20% lower than comparable condos in the area.\n\n### Resale ECs are the real threat to Norwood Grand\nThese ECs when they attain their 5 year MOP and become semi privatised, are deemed as indifferent to a private condo in the eyes of a HDB upgrader. In fact, when the first EC owner passes on part of the government’s discount by pricing the unit at a lower price, these ECs provide a more affordable upgrade option to HDB upgraders.\n\nWe raise this point, as we observe that private condominiums situated in an area saturated with ECs tend to see lower average profits and take longer to see price appreciation. Generally you would have to wait for the price gap between resale EC and the private condo in the area to close up before seeing reasonable appreciation.\n\nRefer to the research article “ [EC vs Condo](https:\/\/decouplingexpertise.sg\/executive-condo-ec-vs-condo-all-important-differences\/)” for more insights.\n\n### Norwood Grand Projected Launch Price vs Resale EC Prices\n|   |   |   |   |   |   |\n|---|---|---|---|---|---|\n| **Project Name** | **Tenure** | **Completion** | **No of units** | **Avg Price (S\\$ psf)** | **Price Disparity vs Norwood Grand** |\n| Norwood Grand | TBC | U\/C | 348 | 1,940 | 0 |\n| NORTHWAVE | 99 yrs FROM 2015 | 2019 | 358 | 1,269 | 671 |\n| BELLEWOODS | 99 yrs FROM 2013 | 2017 | 561 | 1,247 | 693 |\n| FORESTVILLE | 99 yrs FROM 2012 | 2016 | 653 | 1,135 | 805 |\n| TWIN FOUNTAINS | 99 yrs FROM 2012 | 2016 | 418 | 1,249 | 691 |\n### Norwood Grand Purchase Quantum vs Resale EC purchase Quantum\n|   |   |   |   |   |   |\n|---|---|---|---|---|---|\n| **Project Name** | **Completion** | **Avg Price (S\\$ psf)** | **Size of entry 3 bedroom unit** | **Purchase Quantum** | **Quantum vs Norwood Grand** |\n| Norwood Grand | U\/C | 1,940 | 786 | 1,524,840 | 0 |\n| NORTHWAVE | 2019 | 1,269 | 893 | 1,133,217 | 391,623 |\n| BELLEWOODS | 2017 | 1,247 | 936 | 1,167,192 | 357,648 |\n| FORESTVILLE | 2016 | 1,135 | 1033 | 1,172,455 | 352,385 |\n| TWIN FOUNTAINS | 2016 | 1,249 | 1033 | 1,290,217 | 234,623 |\n### Norwood Grand is \\$600 psf more expensive than [resale EC in the area](https:\/\/decouplingexpertise.sg\/ec-in-woodlands-full-list-with-review\/)\nNorwood Grand being 11 years younger in lease vs Northwave the youngest EC in the area is \\$600 psf more expensive. Am stating this not to put dampener on the project, but it is important to note that when buying into Norwood Grand, you are setting the benchmark prices for other development in the Woodlands area.\n\nThis makes it crucial to consider the upcoming price catalyst that could create new benchmark prices for Norwood grand to be priced against.\n\n## \\#6 – Norwood Grand Launch Price vs New Launch in Lentor\nTo set the upper bound price comparison, let’s compare Norwood Grand’s estimated launch price vs other new launch developments in the Lentor area, which is 2 stops away from Woodlands South MRT.\n\nReferencing the table below, if Norwood Grand launch prices come too close to the \\$2100 psf range, which is the launch prices for Lentor new launch. It is a signal to walk away.\n\n|   |   |   |   |   |   |\n|---|---|---|---|---|---|\n| **Project Name** | **Tenure** | **Completion** | **No of units** | **Avg Price (S\\$ psf)** | **Norwood Grand vs Lentor Condo** |\n| Norwood Grand | TBC | U\/C | 348 | 1,940 | 0 |\n| Lentor Hills Residences | 99 yrs FROM 2022 | 2028 | 598 | 2,153 | \\-213 |\n| Hillock Green | 99 yrs FROM 2022 | 2028 | 474 | 2,166 | \\-226 |\n| Lentoria | 99 yrs FROM 2022 | 2027 | 267 | 2,170 | \\-230 |\n| Lentor Mansion | 99 yrs FROM 2023 | 2028 | 533 | 2,236 | \\-296 |\n| Lentor Modern | 99 yrs FROM 2021 | U\/C | 605 | 2,254 | \\-314 |\n## Entry Price Consideration\n- Good value – anything below \\$1900 psf\n- Fair value – \\$1900 psf\n- Over value – \\$2000 psf and above\n## Price Catalyst for Norwood Grand New Launch\nIn this section, we will cover all the tangible price catalysts that we must look out for that will drive price appreciation for Norwood Grand.\n\nGetting this off the table first, you will not see us mentioning much of Woodlands District Transformation plan and the RTS project.\n\nWe felt that these are future states that will only take place in 15 to 20 years. We prefer to base our investment cases on things that will materialise in the near terms, things that can set the stage for a profitable exit asap.\n\n![Woodlands Regional Centre Transformation - Timeline](https:\/\/decouplingexpertise.sg\/wp-content\/uploads\/2024\/09\/Screenshot-2024-09-27-101750.png)\n\n### New GLS land sales for private condo development matters the most\nWe view new GLS land sales for new private condo development as the single most important criteria for price appreciation of Norwood Grand. You will need new projects to set a new benchmark price that you can price against for exits.\n\nThe following are GLS land sales in sight that could serve as a price catalyst for Norwood Grand.\n\n### Woodlands Central – GLS land Sales\n![Woodlands Central - Upcoming GLS Land Sale](https:\/\/decouplingexpertise.sg\/wp-content\/uploads\/2024\/09\/Screenshot-7-1024x738.png)\n\n### Woodlands Drive 17 EC Launch\n![Woodlands Drive 17 EC Launch](https:\/\/decouplingexpertise.sg\/wp-content\/uploads\/2024\/09\/Screenshot-9.png)\n\n### Relocation of Singapore Sports School for more housing in Woodlands\n![Relocation of Singapore Sports School for more housing in Woodlands](https:\/\/decouplingexpertise.sg\/wp-content\/uploads\/2024\/09\/Screenshot-8-1024x689.png)\n\n## Summary of Norwood Grand as an Investment property\nFrom a risk reward perspective, If you are considering the purchase of Norwood Grand strictly for investment. It is similar to purchasing a unit in J’den during launch, but with the threat of cheaper resale ECs in the area.\n\nYou must have the holding power to wait for the following factors to be fulfilled for significant price appreciation\n\n- Price convergences between resale EC and Norwood Grand\n- New private condo launches in Woodlands setting new benchmark prices to purchase Norwood Grand’s prices upwards\n- More amenities being constructed in the Woodlands area to be realised as part of the Woodlands regional centre transformation.\n## Latest Floor Plan\n![Norwood Grand - Floor Plan - 1 Bedroom Plus Study](https:\/\/decouplingexpertise.sg\/wp-content\/uploads\/2024\/10\/Norwood-Grand-Floor-Plan-1-Bedroom-Plus-Study.png)\n\n**Floor Plan – 1 Bedroom Plus Study**\n\n![Norwood Grand - Floor Plan - 2 Bedroom](https:\/\/decouplingexpertise.sg\/wp-content\/uploads\/2024\/10\/Norwood-Grand-Floor-Plan-2-Bedroom-.png)\n\n**Floor Plan – 2 Bedroom**\n\n![Norwood Grand - Floor Plan - 2 Bedroom + Ensuite Study](https:\/\/decouplingexpertise.sg\/wp-content\/uploads\/2024\/10\/Norwood-Grand-Floor-Plan-2-Bedroom-Ensuite-Study.png)\n\n**Floor Plan – 2 Bedroom + Ensuite Study**\n\n![Norwood Grand - Floor Plan - 2 Bedroom + Study](https:\/\/decouplingexpertise.sg\/wp-content\/uploads\/2024\/10\/Norwood-Grand-Floor-Plan-2-Bedroom-Study.png)\n\n**Floor Plan – 2 Bedroom + Study**\n\n![Norwood Grand - Floor Plan - 3 Bedroom - Type C1](https:\/\/decouplingexpertise.sg\/wp-content\/uploads\/2024\/10\/Norwood-Grand-Floor-Plan-3-Bedroom-Type-C1.png)\n\n**Floor Plan – 3 Bedroom – Type C1**\n\n![Norwood Grand - Floor Plan - 3 Bedroom Plus Study Premium](https:\/\/decouplingexpertise.sg\/wp-content\/uploads\/2024\/10\/Norwood-Grand-Floor-Plan-3-Bedroom-Plus-Study-Premium.png)\n\n**Floor Plan – 3 Bedroom Plus Study Premium**\n\n![Norwood Grand - Floor Plan - 4 Bedroom Deluxe Plus Study](https:\/\/decouplingexpertise.sg\/wp-content\/uploads\/2024\/10\/Norwood-Grand-Floor-Plan-4-Bedroom-Deluxe-Plus-Study.png)\n\n**Floor Plan – 4 Bedroom Deluxe Plus Study**\n\n![Norwood Grand - Floor Plan - 4 Bedroom Premium Plus Study](https:\/\/decouplingexpertise.sg\/wp-content\/uploads\/2024\/10\/Norwood-Grand-Floor-Plan-4-Bedroom-Premium-Plus-Study.png)\n\n**Floor Plan – 4 Bedroom Premium Plus Study**\n## Looking for a competitive edge when selecting a new launch condo ?\nYou will need to marry both head knowledge with ground knowledge.\n\nBy ploughing through this 9 page article, you would have gained significant head knowledge on what kind of condo development you should be looking at.\n\nBut the recipe to a successful real estate purchase is often the marrying of 2 components. Head knowledge and experienced on-ground execution.\n\nThe next step to take will be to get someone to shortlist actual units that fit your budget, selection criteria and to take you through the groundwork of visiting all these units.\n\n## Author\n- ![](https:\/\/decouplingexpertise.sg\/wp-content\/uploads\/2023\/08\/Profile-Picture-Square.jpg)\n  #### [Jue Wen](https:\/\/decouplingexpertise.sg\/author\/jue-wen\/ \"Jue Wen\")\n  Jue Wen is a seasoned real estate researcher and strategist, with over 135 in-depth articles published on decoupling strategies and investment property planning in Singapore. His insights are backed by hands-on experience—applying these very frameworks to grow and optimise his personal property portfolio. Recognised for his methodical and data-driven approach, Jue Wen’s work serves as a trusted guide for homeowners looking to legally and strategically acquire a second property without incurring Additional Buyer’s Stamp Duty (ABSD). His mission is to equip property owners with actionable frameworks to build sustainable long-term wealth through real estate.\n\n### Looking to purchase your second property?\nJust fulfilled your MOP status for your executive or BTO or Looking to decouple from your current condomium? Or simply looking to purchase your 2nd investment property? Having assisted over 50 clients on their journey towards purchasing their second property, we have got the expertise to help you avoid unnecessary ABSD, optimise legal cost and clarify your doubts.  \n  \n Drop us quick Whatsapp message for non obligator questions and answers.\n\n[PrevPrevious PostThomson Reserve Review – Latest Investment Analysis (Previously known as Thomson View Enbloc)](https:\/\/decouplingexpertise.sg\/thomson-reserve-new-launch-condo-review-thomson-view-enbloc\/)\n\n[Next PostHundred Palms EC MOP Date – When and What to do next ?Next](https:\/\/decouplingexpertise.sg\/hundred-palms-ec-mop-date-when-and-what-to-do-next\/)\n\n- Recent Posts\n\n### [What Shareholding Structure Should You Choose For Your First Condo – If You Plan To Buy A Second Property Down The Road](https:\/\/decouplingexpertise.sg\/what-shareholding-structure-should-you-choose-for-your-first-condo-if-you-plan-to-buy-a-second-property-down-the-road\/)\n### [Lentor Gardens Residences Review – Oversupply But Still Investable?](https:\/\/decouplingexpertise.sg\/lentor-gardens-residences-review-oversupply-but-still-investable\/)\n### [Dunearn House New Launch Condo Review – Dunearn Road GLS, Turf City](https:\/\/decouplingexpertise.sg\/dunearn-house-new-launch-condo-review-dunearn-road-gls-turf-city\/)\n### [Progressive Payment Calculator – For New Launch Condo Singapore](https:\/\/decouplingexpertise.sg\/progressive-payment-calculator-for-new-launch-condo-singapore\/)\n### [How to Make the Most Money When Buying Your First Private Condo](https:\/\/decouplingexpertise.sg\/how-to-make-the-most-money-when-buying-your-first-private-condo\/)\n### [Pinery Residences vs Parktown Residences – Can Pinery Win?](https:\/\/decouplingexpertise.sg\/pinery-residences-vs-parktown-residences-can-pinery-win\/)\n\nEveryone’s home journey is different. 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He is a licensed real estate consultant and holds a Bachelor degree in Business Management from the Nanyang Technological University.\n\n## Kenji\nCo-Author\n\nKenji is the Group Division Director of ERA Realty Network.  \nHe have got over 20 years of experience in real estate and have successfully helped over 50 couples purchased their second property. He specialises in helping client achieve the best approach towards acquiring their ideal investment properties while minimising ABSD.","attrs_readable_markdown":"## Project Launch Date\nShowroom viewing starting from **5 Oct 2024**\n\nBooking day on **19 Oct 2024**\n\nGain a competitive advantage by starting your prep work early.\n\nBe the first to view the showroom, review site plan and analysze the best stacks for investment.\n\nDrop us a text and we will seek to help you expedite the preparation process.\n\n## Revised for Latest Information\nPrimer – this article will be constantly updated to reflect the latest information for Norwood Grand New Launch Condo as new information is being released by developers.\n\n## The scope of this article\nThis article is specifically written for investment minded property buyers. Buyers that prioritise making a profit from real estate.\n\nInstead of “marketing” the new launch project, this article will seek to\n\n- Identify the key investment case for Norwood Grand\n- Deconstruct the assumptions that is supporting the investment case\n- Identify risk and catalyst within this assumptions\n\nThe goal is to equip you with a balanced measure of risk and reward to facilitate you in making a level headed purchase decision.\n\n## We are Decoupling Expertise\nBefore committing the next 5 mins reading this article, it helps to know who is behind the pen.\n\nWe are a team of specialist realtors that specialises in helping our readers research, shortlist and purchase investment properties.\n\nLWe believe in delivering informational value upfront without obligations through practical, detailed and data backed long form articles.\n\nIf you like a more personalised solution tailored to your current consideration drop us a whatsapp text.\n\n## General Project Information\nThe project is to be situated 5 mins away from Woodlands South MRT. The MRT is located on the TEL line, it is 2 stops away from Lentor MRT.\n\nThe new launch private condo is the first new launch project to be launched in Woodlands after 10 years.\n\nHaving said that, several executive condominium projects have been launched in recent years and some of these projects have attained their 5 year minimum occupancy period recently.\n\n|   |   |\n|---|---|\n| **Description** | **Details** |\n| Project Name | Norwood Grand |\n| Developer | CDL Stellar Pte Ltd |\n| Development Type | Proposed flat housing development comprising 4 blocks of 11-storey apartments (total 348 units) with childcare centre, one level of basement parking, landscape deck with swimming pool and communal facilities on Lot 06633C MK13 at Champions Way (Woodlands Planning Area) |\n| Tenure | 99-year Leasehold |\n| District | 25 Woodlands |\n| Expected Date of Vacant Possession | TBC |\n| Site Area | 14,432.5 sq m (155,351 sq ft) |\n| Plot Ratio | 2\\.1 |\n| Gross Floor Area | 30,309 sq m (326,237 sq ft) |\n| Total No. of Units | 348 units |\n| Architect | AADP Architect LLP |\n| Main Contractor | Woh Hup Pte Ltd |\n| Interior Design | Index Design Pte Ltd |\n## Investment case vs marketing hype\nWith every new launch project, there will be lots of hype generated to market it.\n\nIt’s our job as discerning analysts to put on the researcher hat to figure what is the real investment case behind this project and what’s fluffy and will not help drive real price appreciation.\n\n### Norwood Grand must win the heart of HDB upgraders for it to be a successful investment.\nThe investment case for Norwood Grand is centred around owning a desirable private property that is desirable to HDB upgraders living in the area.\n\nYour job as a Norwood Grand new launch buyer is to finance and own the property for 3 years during the construction phase and flip it over to HDB upgraders that are looking for a brand new TOP unit for immediate homestay.\n\n### Assumptions that needs to be validated for investment case to be realised\n1. There must be substantial HDB upgrader demand\n2. HDB upgraders must have the affordability to afford the new launch when it TOP\n3. HDB upgraders will view Norwood Grand as the preferred upgrading option vs resale EC and new EC in Woodlands\n4. Launch Price is competitive vs other districts\n## Woodlands HDB Upgrader Demand – Analysis\nNorwood Grand’s growth trajectory can be modelled after the growth trajectory of similar OCR condo development in Tampines, Pasir Ris, Seng Kang and Punggol.\n\nIts demand will be driven primarily by existing HDB dwellers living in Woodlands. It is highly improbable that a buyer will move from a more central location like Yishun, Lentor or Bishan backwards towards Woodlands.\n\nHence, it is crucial to validate that there is a substantial HDB population within Woodlands to drive demand for Norwood Grand.\n\n## \\#1 – Size of HDB dwelling population in Woodlands vs other districts\nReferencing the table below. Woodlands is one of the top 5 districts in Singapore with the most HDB units.\n\nIt currently has 70,072 HDB flats in total and a further 1,609 BTO units have been launched in June 2024.\n\nSo from a demand volume standpoint, we are seeing a sizable demand pool with a healthy pipeline of new HDB upgraders on its way.\n\n|   |   |   |   |   |   |   |   |   |\n|---|---|---|---|---|---|---|---|---|\n| **Town** | **1-Room** | **2-Room** | **3-Room** | **4-Room** | **5-Room** | **Exec \/ MG** | **Studio** | **Total** |\n| Tampines | 1,615 | 1,517 | 14,274 | 32,050 | 19,373 | 5,849 | 664 | 75,342 |\n| Jurong West | 813 | 2,692 | 12,616 | 29,761 | 22,215 | 6,507 | 602 | 75,206 |\n| Sengkang | 685 | 3,268 | 4,161 | 32,153 | 24,728 | 4,463 | 731 | 70,189 |\n| **Woodlands** | 2,274 | 2,957 | 7,131 | 29,899 | 20,791 | 6,191 | 829 | **70,072** |\n| Yishun | 1,259 | 2,968 | 16,057 | 31,334 | 10,521 | 2,741 | 734 | 65,614 |\n| Bedok | 2,604 | 3,055 | 23,015 | 21,971 | 10,773 | 2,718 | 279 | 64,415 |\n| Hougang | 668 | 2,458 | 11,004 | 27,306 | 11,210 | 4,311 | 600 | 57,557 |\n| Punggol | 1,366 | 4,872 | 5,708 | 24,632 | 17,704 | 1,126 | 403 | 55,811 |\n| Bukit Merah | 4,665 | 6,083 | 15,975 | 17,190 | 9,621 | 47 | 576 | 54,157 |\n| Ang Mo Kio | 1,314 | 3,807 | 24,515 | 14,715 | 6,150 | 502 | 307 | 51,310 |\n| Choa Chu Kang | 565 | 1,368 | 2,463 | 23,465 | 15,952 | 4,762 | 451 | 49,026 |\n| Bukit Batok | 919 | 3,676 | 11,754 | 18,483 | 7,786 | 2,734 | 233 | 45,585 |\n| Toa Payoh | 1,170 | 4,231 | 16,484 | 12,668 | 6,412 | 854 | 366 | 42,185 |\n| Kallang \/ Whampoa | 4,401 | 2,831 | 14,169 | 12,476 | 5,478 | 504 | 312 | 40,171 |\n| Bukit Panjang | 223 | 1,230 | 3,868 | 17,224 | 10,628 | 3,381 | 342 | 36,896 |\n| Queenstown | 575 | 3,968 | 16,204 | 10,530 | 4,337 | 356 | 408 | 36,378 |\n| Geylang | 879 | 3,661 | 12,022 | 10,221 | 3,594 | 832 | 305 | 31,514 |\n| Sembawang | 955 | 3,493 | 1,705 | 12,250 | 9,056 | 2,871 |   | 30,330 |\n| Pasir Ris | 176 | 348 | 491 | 11,641 | 9,379 | 7,460 | 159 | 29,654 |\n| Clementi | 474 | 770 | 12,100 | 9,397 | 3,364 | 625 |   | 26,730 |\n| Jurong East | 433 | 529 | 7,069 | 8,188 | 5,925 | 1,871 | 107 | 24,122 |\n| Serangoon | 272 | 409 | 4,531 | 10,231 | 3,759 | 2,365 | 65 | 21,632 |\n| Bishan | 564 | 264 | 2,357 | 9,359 | 5,716 | 1,660 | 152 | 20,072 |\n| Central Area | 2,075 | 1,316 | 4,262 | 3,438 | 904 | 6 |   | 12,001 |\n| Marine Parade |   | 1,350 | 3,027 | 1,798 | 1,682 |   |   | 7,857 |\n| Bukit Timah |   | 49 | 439 | 920 | 683 | 380 | 83 | 2,554 |\n| Tengah | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |\n| **Total** | **30,944** | **63,170** | **247,401** | **433,300** | **247,741** | **65,116** | **8,708** | **1,096,380** |\n\nOne level deeper into the topic of HDB in different districts, while absolute volume is important, what’s more important is the number of 4 bedroom, 5 bedroom and EAs aka jumbo HDB in the district.\n\nThese are the high value flats that will be priced anywhere from \\$700k to \\$1.0 mil, sellers that successfully resell these units will have the financial resources to upgrade a private condo.\n\n### No of high value HDB units by district\n|   |   |\n|---|---|\n| **Town** | **Total no of 4,5, Exec units** |\n| Woodlands | 56,881 |\n| Yishun | 44,596 |\n| Tampines | 57,272 |\n| Sengkang | 61,344 |\n| Punggol | 43,462 |\n| Jurong West | 58,483 |\n## \\#2 – Affordability of Potential HDB Upgraders in Woodlands\nAside from validating the size of demand, it is important to also validate the affordability of potential HDB upgraders in Woodlands. This is a key factor that drives the price appreciation of ECs and private condos in areas like Punggol and Seng Kang.\n\nThe virtuous cycle of first time property owners seeking to purchase HDBs in these areas, allows existing HDB property owners to resell their HDBs at a high price and consequently being able to pay higher price for an upgrade to a private condo or EC in the same location.\n\n### Woodlands HDB Median Resale Price\nContrary to common belief that HDB in Woodland is cheap, it is not.\n\nReferencing the table below, 4 bedroom, 5 bedroom and executive unit prices are priced at similar levels to areas like Punggol and Seng Kang. EAs in Woodlands sees average transactional prices of \\$848k and current market asking prices ranges around \\$1.0 mil.\n\n![Woodlands - HDB - Resale Prices](https:\/\/decouplingexpertise.sg\/wp-content\/uploads\/2024\/09\/Screenshot-6.png)\n\n### Woodlands HDB EA – Sale Prices\n![Woodlands HDB EA - Sale Price](https:\/\/decouplingexpertise.sg\/wp-content\/uploads\/2024\/09\/Woodlands-HDB-EA-Sale-Price-1-1024x543.png)\n\n## \\#3 – Will HDB upgraders view Norwood Grand as the preferred upgrading option ?\nHaving validated the first two assumptions, Woodlands as a township does have a substantial HDB buyer pool equipped with adequate financial affordability to upgrade to a private condo.\n\nBut the greater question is what factors do these HDB upgraders go for and will they view Norwood Grand as their choiced upgrading option ?\n\n### What do HDB upgraders prioritise ?\nLet’s put ourselves in the shoes of a prospective HDB upgrader. Imagine running a family with 1 to 2 kids, currently living in a 990 sqft to 1000 plus sqft 4 to 5 room HDB flat.\n\nWhat will you be prioritising when looking for a new condo to upgrade into ?\n\n1. Affordability\n2. Space\n3. Layout efficiency\n4. Proximity to School\n5. Proximity to MRT\n\nFrom our experience and countless consults with readers, above are the priorities that HDB upgraders mainly look out for, in order of importance.\n\nContrary to common belief, proximity to mrt matters less to these categories of buyers. Affordability, space and layout efficiency matters more.\n\nAt the risk of stereotyping, visualise the common archetype or a HDB upgrading family. They normally own a family sedan or SUV, and the wife operating the household normally looks out for space to place child stuff and extra room for helper lodging.\n\nWhile on the other spectrum, white collar yuppies or upwardly mobile couple without child buying 2 bedders in the city fringe areas tend to prioritize proximity to MRT and seamless commute to city centre.\n\n### Is Norwood Grand’s proximity to MRT a selling point ?\nSo back to Norwood Grand, we felt that the value proposition of being located right next to Woodland South MRT is a plus point, but its pricing and purchase quantum vis a vis competing resale EC in Woodlands is still the most important.\n\n### Unit Type\nAt this point it will be an opportune time to segway into the topic of unit type selection.\n\nAcknowledging that Woodlands is an area catering to HDB upgraders that are family. It helps to be mindful to select the right product type to fit the market’s demand.\n\nTo ensure a margin of safety, we encourage you to go for at least a 3 bedroom unit. If budget permits, optimise for a sizable 3 bedroom unit with the following feature.\n\n- Utility room for extra storage\n- Enclosed kitchen with window\n- Extra study room for helpers lodging or work from home setup\n- Single balcony instead of two balcony\n### Unit distribution\n|   |   |   |   |\n|---|---|---|---|\n| **Unit Type** | **Estimated Size (sq ft)** | **Total Units** | **Percentage (%)** |\n| 1-Bedroom+Study | 495 | 31 | 9% |\n| 2-Bedroom (2 Baths) | 624 | 77 | 38% |\n| 2-Bedroom+Ensuite Study | 667 | 11 |   |\n| 2-Bedroom+Study | 710 | 43 |   |\n| 3-Bedroom Deluxe | 872 – 883 | 33 | 25% |\n| 3-Bedroom+Study | 904 | 22 |   |\n| 3-Bedroom Premium+Study | 1,044 | 33 |   |\n| 4-Bedroom Deluxe+Study | 1,173 | 22 | 28% |\n| 4-Bedroom Premium+Study | 1,313 – 1,335 | 76 |   |\n| **Total** |   | **348** | **100%** |\n\n**More reads on unit size selection and unit selection for new launch**\n\n- [How to select a unit in a new launch condo ?](https:\/\/decouplingexpertise.sg\/how-to-select-a-unit-in-a-new-launch-condo-profitable-strategies\/) – Profitable Strategies\n- [Best condo size for investment](https:\/\/decouplingexpertise.sg\/best-condo-size-for-investment-in-singapore\/)\n## Estimated launch price\nAs an interim step before moving on to price comparisons of Norwood Grand vs competing condo developments and ECs in Woodlands.\n\nLet’s work on the possible launch prices for Norwood Grand.\n\n### Land Breakeven Price\n![Norwood Grand Land Breakeven Price](https:\/\/decouplingexpertise.sg\/wp-content\/uploads\/2024\/09\/Screenshot-2024-09-26-105626.png)\n\n|   |   |   |\n|---|---|---|\n| **Norwood Grand Cost (psf)** | **Markup** | **Estimated launch price** |\n| 1,687 | 0% (Land Breakeven Price) | 1,687 |\n| 1,687 | 10% | 1,856 |\n| **1,687** | **15%** | **1,940** |\n| 1,687 | 20% | 2,024 |\n| 1,687 | 30% | 2,193 |\n\nReferencing the table above, developers normally launch projects with a 15% markup. Hence we are projecting a launch price of \\$1,900 psf ~ \\$2,000 psf based on breakeven price.\n\n## \\#4 – Price Comparison vs Private Condo In Woodlands\nNorwood Grand fare pretty well when comparing against comparable private condo in Woodlands.\n\nIt is true that there has not been any private condo launches in Woodlands in recent years. There isn’t really a private condo that can be pitted against Norwood Grand in terms of age and “newness”.\n\n|   |   |   |   |   |   |\n|---|---|---|---|---|---|\n| **Project Name** | **Tenure** | **Completion** | **No of units** | **Avg Price (S\\$ psf)** | **Price Disparity vs Norwood Grand** |\n| Norwood Grand | TBC | U\/C | 348 | 1,940 | 0 |\n| WOODHAVEN | 99 yrs FROM 2011 | 2015 | 298 | 1,253 | 687 |\n| PARC ROSEWOOD | 99 yrs FROM 2011 | 2014 | 689 | 1,327 | 613 |\n| ROSEWOOD SUITES | 99 yrs FROM 2008 | 2011 | 200 | 1,026 | 914 |\n| CASABLANCA | 99 yrs FROM 2001 | 2005 | 478 | 1,062 | 878 |\n| ROSEWOOD | 99 yrs FROM 2000 | 2003 | 437 | 1,034 | 906 |\n| WOODGROVE CONDOMINIUM | 99 yrs FROM 1997 | 1999 | 248 | 949 | 991 |\n| THE WOODGROVE | 99 yrs FROM 1996 | 1998 | 72 | 939 | 1,001 |\n## \\#5 – Price comparison vs Resale EC in Woodlands\nIf you were to observe, resale ECs are the real threat to private condo launches like Norwood Grand in emerging townships like Woodlands.\n\nAs part of the government’s agenda to develop a township and attract Singaporeans to live and work in the area. They will initiate lots of affordable BTOs and ECs developments in the area, Punggol and Sengkang serve as a good reference to the lifecycle of such developments.\n\nFor those that are uninitiated, ECs as a form of government subsidised housing, are priced 15% to 20% lower than comparable condos in the area.\n\n### Resale ECs are the real threat to Norwood Grand\nThese ECs when they attain their 5 year MOP and become semi privatised, are deemed as indifferent to a private condo in the eyes of a HDB upgrader. In fact, when the first EC owner passes on part of the government’s discount by pricing the unit at a lower price, these ECs provide a more affordable upgrade option to HDB upgraders.\n\nWe raise this point, as we observe that private condominiums situated in an area saturated with ECs tend to see lower average profits and take longer to see price appreciation. Generally you would have to wait for the price gap between resale EC and the private condo in the area to close up before seeing reasonable appreciation.\n\nRefer to the research article “ [EC vs Condo](https:\/\/decouplingexpertise.sg\/executive-condo-ec-vs-condo-all-important-differences\/)” for more insights.\n\n### Norwood Grand Projected Launch Price vs Resale EC Prices\n|   |   |   |   |   |   |\n|---|---|---|---|---|---|\n| **Project Name** | **Tenure** | **Completion** | **No of units** | **Avg Price (S\\$ psf)** | **Price Disparity vs Norwood Grand** |\n| Norwood Grand | TBC | U\/C | 348 | 1,940 | 0 |\n| NORTHWAVE | 99 yrs FROM 2015 | 2019 | 358 | 1,269 | 671 |\n| BELLEWOODS | 99 yrs FROM 2013 | 2017 | 561 | 1,247 | 693 |\n| FORESTVILLE | 99 yrs FROM 2012 | 2016 | 653 | 1,135 | 805 |\n| TWIN FOUNTAINS | 99 yrs FROM 2012 | 2016 | 418 | 1,249 | 691 |\n### Norwood Grand Purchase Quantum vs Resale EC purchase Quantum\n|   |   |   |   |   |   |\n|---|---|---|---|---|---|\n| **Project Name** | **Completion** | **Avg Price (S\\$ psf)** | **Size of entry 3 bedroom unit** | **Purchase Quantum** | **Quantum vs Norwood Grand** |\n| Norwood Grand | U\/C | 1,940 | 786 | 1,524,840 | 0 |\n| NORTHWAVE | 2019 | 1,269 | 893 | 1,133,217 | 391,623 |\n| BELLEWOODS | 2017 | 1,247 | 936 | 1,167,192 | 357,648 |\n| FORESTVILLE | 2016 | 1,135 | 1033 | 1,172,455 | 352,385 |\n| TWIN FOUNTAINS | 2016 | 1,249 | 1033 | 1,290,217 | 234,623 |\n### Norwood Grand is \\$600 psf more expensive than [resale EC in the area](https:\/\/decouplingexpertise.sg\/ec-in-woodlands-full-list-with-review\/)\nNorwood Grand being 11 years younger in lease vs Northwave the youngest EC in the area is \\$600 psf more expensive. Am stating this not to put dampener on the project, but it is important to note that when buying into Norwood Grand, you are setting the benchmark prices for other development in the Woodlands area.\n\nThis makes it crucial to consider the upcoming price catalyst that could create new benchmark prices for Norwood grand to be priced against.\n\n## \\#6 – Norwood Grand Launch Price vs New Launch in Lentor\nTo set the upper bound price comparison, let’s compare Norwood Grand’s estimated launch price vs other new launch developments in the Lentor area, which is 2 stops away from Woodlands South MRT.\n\nReferencing the table below, if Norwood Grand launch prices come too close to the \\$2100 psf range, which is the launch prices for Lentor new launch. It is a signal to walk away.\n\n|   |   |   |   |   |   |\n|---|---|---|---|---|---|\n| **Project Name** | **Tenure** | **Completion** | **No of units** | **Avg Price (S\\$ psf)** | **Norwood Grand vs Lentor Condo** |\n| Norwood Grand | TBC | U\/C | 348 | 1,940 | 0 |\n| Lentor Hills Residences | 99 yrs FROM 2022 | 2028 | 598 | 2,153 | \\-213 |\n| Hillock Green | 99 yrs FROM 2022 | 2028 | 474 | 2,166 | \\-226 |\n| Lentoria | 99 yrs FROM 2022 | 2027 | 267 | 2,170 | \\-230 |\n| Lentor Mansion | 99 yrs FROM 2023 | 2028 | 533 | 2,236 | \\-296 |\n| Lentor Modern | 99 yrs FROM 2021 | U\/C | 605 | 2,254 | \\-314 |\n## Entry Price Consideration\n- Good value – anything below \\$1900 psf\n- Fair value – \\$1900 psf\n- Over value – \\$2000 psf and above\n## Price Catalyst for Norwood Grand New Launch\nIn this section, we will cover all the tangible price catalysts that we must look out for that will drive price appreciation for Norwood Grand.\n\nGetting this off the table first, you will not see us mentioning much of Woodlands District Transformation plan and the RTS project.\n\nWe felt that these are future states that will only take place in 15 to 20 years. We prefer to base our investment cases on things that will materialise in the near terms, things that can set the stage for a profitable exit asap.\n\n![Woodlands Regional Centre Transformation - Timeline](https:\/\/decouplingexpertise.sg\/wp-content\/uploads\/2024\/09\/Screenshot-2024-09-27-101750.png)\n\n### New GLS land sales for private condo development matters the most\nWe view new GLS land sales for new private condo development as the single most important criteria for price appreciation of Norwood Grand. You will need new projects to set a new benchmark price that you can price against for exits.\n\nThe following are GLS land sales in sight that could serve as a price catalyst for Norwood Grand.\n\n### Woodlands Central – GLS land Sales\n![Woodlands Central - Upcoming GLS Land Sale](https:\/\/decouplingexpertise.sg\/wp-content\/uploads\/2024\/09\/Screenshot-7-1024x738.png)\n\n### Woodlands Drive 17 EC Launch\n![Woodlands Drive 17 EC Launch](https:\/\/decouplingexpertise.sg\/wp-content\/uploads\/2024\/09\/Screenshot-9.png)\n\n### Relocation of Singapore Sports School for more housing in Woodlands\n![Relocation of Singapore Sports School for more housing in Woodlands](https:\/\/decouplingexpertise.sg\/wp-content\/uploads\/2024\/09\/Screenshot-8-1024x689.png)\n\n## Summary of Norwood Grand as an Investment property\nFrom a risk reward perspective, If you are considering the purchase of Norwood Grand strictly for investment. It is similar to purchasing a unit in J’den during launch, but with the threat of cheaper resale ECs in the area.\n\nYou must have the holding power to wait for the following factors to be fulfilled for significant price appreciation\n\n- Price convergences between resale EC and Norwood Grand\n- New private condo launches in Woodlands setting new benchmark prices to purchase Norwood Grand’s prices upwards\n- More amenities being constructed in the Woodlands area to be realised as part of the Woodlands regional centre transformation.\n## Latest Floor Plan\n![Norwood Grand - Floor Plan - 1 Bedroom Plus Study](https:\/\/decouplingexpertise.sg\/wp-content\/uploads\/2024\/10\/Norwood-Grand-Floor-Plan-1-Bedroom-Plus-Study.png)\n\n**Floor Plan – 1 Bedroom Plus Study**\n\n![Norwood Grand - Floor Plan - 2 Bedroom](https:\/\/decouplingexpertise.sg\/wp-content\/uploads\/2024\/10\/Norwood-Grand-Floor-Plan-2-Bedroom-.png)\n\n**Floor Plan – 2 Bedroom**\n\n![Norwood Grand - Floor Plan - 2 Bedroom + Ensuite Study](https:\/\/decouplingexpertise.sg\/wp-content\/uploads\/2024\/10\/Norwood-Grand-Floor-Plan-2-Bedroom-Ensuite-Study.png)\n\n**Floor Plan – 2 Bedroom + Ensuite Study**\n\n![Norwood Grand - Floor Plan - 2 Bedroom + Study](https:\/\/decouplingexpertise.sg\/wp-content\/uploads\/2024\/10\/Norwood-Grand-Floor-Plan-2-Bedroom-Study.png)\n\n**Floor Plan – 2 Bedroom + Study**\n\n![Norwood Grand - Floor Plan - 3 Bedroom - Type C1](https:\/\/decouplingexpertise.sg\/wp-content\/uploads\/2024\/10\/Norwood-Grand-Floor-Plan-3-Bedroom-Type-C1.png)\n\n**Floor Plan – 3 Bedroom – Type C1**\n\n![Norwood Grand - Floor Plan - 3 Bedroom Plus Study Premium](https:\/\/decouplingexpertise.sg\/wp-content\/uploads\/2024\/10\/Norwood-Grand-Floor-Plan-3-Bedroom-Plus-Study-Premium.png)\n\n**Floor Plan – 3 Bedroom Plus Study Premium**\n\n![Norwood Grand - Floor Plan - 4 Bedroom Deluxe Plus Study](https:\/\/decouplingexpertise.sg\/wp-content\/uploads\/2024\/10\/Norwood-Grand-Floor-Plan-4-Bedroom-Deluxe-Plus-Study.png)\n\n**Floor Plan – 4 Bedroom Deluxe Plus Study**\n\n![Norwood Grand - Floor Plan - 4 Bedroom Premium Plus Study](https:\/\/decouplingexpertise.sg\/wp-content\/uploads\/2024\/10\/Norwood-Grand-Floor-Plan-4-Bedroom-Premium-Plus-Study.png)\n\n**Floor Plan – 4 Bedroom Premium Plus Study**\n## Looking for a competitive edge when selecting a new launch condo ?\nYou will need to marry both head knowledge with ground knowledge.\n\nBy ploughing through this 9 page article, you would have gained significant head knowledge on what kind of condo development you should be looking at.\n\nBut the recipe to a successful real estate purchase is often the marrying of 2 components. Head knowledge and experienced on-ground execution.\n\nThe next step to take will be to get someone to shortlist actual units that fit your budget, selection criteria and to take you through the groundwork of visiting all these units.","meta_canonical":null}

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URL	https://decouplingexpertise.sg/norwood-grand-new-launch-condominium-review-key-risk/
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Meta Title	Norwood Grand New Launch Review - Key Risk
Meta Description	Launch Price Analysis. HDB Upgrader Demand Analysis. Price Comparison vs Woodlands EC. Key Risk Analysis. Price Catalyst Analysis.
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Boilerpipe Text	Project Launch Date Showroom viewing starting from 5 Oct 2024 Booking day on 19 Oct 2024 Gain a competitive advantage by starting your prep work early. Be the first to view the showroom, review site plan and analysze the best stacks for investment. Drop us a text and we will seek to help you expedite the preparation process. Revised for Latest Information Primer – this article will be constantly updated to reflect the latest information for Norwood Grand New Launch Condo as new information is being released by developers. The scope of this article This article is specifically written for investment minded property buyers. Buyers that prioritise making a profit from real estate. Instead of “marketing” the new launch project, this article will seek to Identify the key investment case for Norwood Grand Deconstruct the assumptions that is supporting the investment case Identify risk and catalyst within this assumptions The goal is to equip you with a balanced measure of risk and reward to facilitate you in making a level headed purchase decision. We are Decoupling Expertise Before committing the next 5 mins reading this article, it helps to know who is behind the pen. We are a team of specialist realtors that specialises in helping our readers research, shortlist and purchase investment properties. LWe believe in delivering informational value upfront without obligations through practical, detailed and data backed long form articles. If you like a more personalised solution tailored to your current consideration drop us a whatsapp text. General Project Information The project is to be situated 5 mins away from Woodlands South MRT. The MRT is located on the TEL line, it is 2 stops away from Lentor MRT. The new launch private condo is the first new launch project to be launched in Woodlands after 10 years. Having said that, several executive condominium projects have been launched in recent years and some of these projects have attained their 5 year minimum occupancy period recently. Description Details Project Name Norwood Grand Developer CDL Stellar Pte Ltd Development Type Proposed flat housing development comprising 4 blocks of 11-storey apartments (total 348 units) with childcare centre, one level of basement parking, landscape deck with swimming pool and communal facilities on Lot 06633C MK13 at Champions Way (Woodlands Planning Area) Tenure 99-year Leasehold District 25 Woodlands Expected Date of Vacant Possession TBC Site Area 14,432.5 sq m (155,351 sq ft) Plot Ratio 2.1 Gross Floor Area 30,309 sq m (326,237 sq ft) Total No. of Units 348 units Architect AADP Architect LLP Main Contractor Woh Hup Pte Ltd Interior Design Index Design Pte Ltd Investment case vs marketing hype With every new launch project, there will be lots of hype generated to market it. It’s our job as discerning analysts to put on the researcher hat to figure what is the real investment case behind this project and what’s fluffy and will not help drive real price appreciation. Norwood Grand must win the heart of HDB upgraders for it to be a successful investment. The investment case for Norwood Grand is centred around owning a desirable private property that is desirable to HDB upgraders living in the area. Your job as a Norwood Grand new launch buyer is to finance and own the property for 3 years during the construction phase and flip it over to HDB upgraders that are looking for a brand new TOP unit for immediate homestay. Assumptions that needs to be validated for investment case to be realised There must be substantial HDB upgrader demand HDB upgraders must have the affordability to afford the new launch when it TOP HDB upgraders will view Norwood Grand as the preferred upgrading option vs resale EC and new EC in Woodlands Launch Price is competitive vs other districts Woodlands HDB Upgrader Demand – Analysis Norwood Grand’s growth trajectory can be modelled after the growth trajectory of similar OCR condo development in Tampines, Pasir Ris, Seng Kang and Punggol. Its demand will be driven primarily by existing HDB dwellers living in Woodlands. It is highly improbable that a buyer will move from a more central location like Yishun, Lentor or Bishan backwards towards Woodlands. Hence, it is crucial to validate that there is a substantial HDB population within Woodlands to drive demand for Norwood Grand. #1 – Size of HDB dwelling population in Woodlands vs other districts Referencing the table below. Woodlands is one of the top 5 districts in Singapore with the most HDB units. It currently has 70,072 HDB flats in total and a further 1,609 BTO units have been launched in June 2024. So from a demand volume standpoint, we are seeing a sizable demand pool with a healthy pipeline of new HDB upgraders on its way. Town 1-Room 2-Room 3-Room 4-Room 5-Room Exec / MG Studio Total Tampines 1,615 1,517 14,274 32,050 19,373 5,849 664 75,342 Jurong West 813 2,692 12,616 29,761 22,215 6,507 602 75,206 Sengkang 685 3,268 4,161 32,153 24,728 4,463 731 70,189 Woodlands 2,274 2,957 7,131 29,899 20,791 6,191 829 70,072 Yishun 1,259 2,968 16,057 31,334 10,521 2,741 734 65,614 Bedok 2,604 3,055 23,015 21,971 10,773 2,718 279 64,415 Hougang 668 2,458 11,004 27,306 11,210 4,311 600 57,557 Punggol 1,366 4,872 5,708 24,632 17,704 1,126 403 55,811 Bukit Merah 4,665 6,083 15,975 17,190 9,621 47 576 54,157 Ang Mo Kio 1,314 3,807 24,515 14,715 6,150 502 307 51,310 Choa Chu Kang 565 1,368 2,463 23,465 15,952 4,762 451 49,026 Bukit Batok 919 3,676 11,754 18,483 7,786 2,734 233 45,585 Toa Payoh 1,170 4,231 16,484 12,668 6,412 854 366 42,185 Kallang / Whampoa 4,401 2,831 14,169 12,476 5,478 504 312 40,171 Bukit Panjang 223 1,230 3,868 17,224 10,628 3,381 342 36,896 Queenstown 575 3,968 16,204 10,530 4,337 356 408 36,378 Geylang 879 3,661 12,022 10,221 3,594 832 305 31,514 Sembawang 955 3,493 1,705 12,250 9,056 2,871 30,330 Pasir Ris 176 348 491 11,641 9,379 7,460 159 29,654 Clementi 474 770 12,100 9,397 3,364 625 26,730 Jurong East 433 529 7,069 8,188 5,925 1,871 107 24,122 Serangoon 272 409 4,531 10,231 3,759 2,365 65 21,632 Bishan 564 264 2,357 9,359 5,716 1,660 152 20,072 Central Area 2,075 1,316 4,262 3,438 904 6 12,001 Marine Parade 1,350 3,027 1,798 1,682 7,857 Bukit Timah 49 439 920 683 380 83 2,554 Tengah 0 0 0 0 0 0 0 0 Total 30,944 63,170 247,401 433,300 247,741 65,116 8,708 1,096,380 One level deeper into the topic of HDB in different districts, while absolute volume is important, what’s more important is the number of 4 bedroom, 5 bedroom and EAs aka jumbo HDB in the district. These are the high value flats that will be priced anywhere from $700k to $1.0 mil, sellers that successfully resell these units will have the financial resources to upgrade a private condo. No of high value HDB units by district Town Total no of 4,5, Exec units Woodlands 56,881 Yishun 44,596 Tampines 57,272 Sengkang 61,344 Punggol 43,462 Jurong West 58,483 #2 – Affordability of Potential HDB Upgraders in Woodlands Aside from validating the size of demand, it is important to also validate the affordability of potential HDB upgraders in Woodlands. This is a key factor that drives the price appreciation of ECs and private condos in areas like Punggol and Seng Kang. The virtuous cycle of first time property owners seeking to purchase HDBs in these areas, allows existing HDB property owners to resell their HDBs at a high price and consequently being able to pay higher price for an upgrade to a private condo or EC in the same location. Woodlands HDB Median Resale Price Contrary to common belief that HDB in Woodland is cheap, it is not. Referencing the table below, 4 bedroom, 5 bedroom and executive unit prices are priced at similar levels to areas like Punggol and Seng Kang. EAs in Woodlands sees average transactional prices of $848k and current market asking prices ranges around $1.0 mil. Woodlands HDB EA – Sale Prices #3 – Will HDB upgraders view Norwood Grand as the preferred upgrading option ? Having validated the first two assumptions, Woodlands as a township does have a substantial HDB buyer pool equipped with adequate financial affordability to upgrade to a private condo. But the greater question is what factors do these HDB upgraders go for and will they view Norwood Grand as their choiced upgrading option ? What do HDB upgraders prioritise ? Let’s put ourselves in the shoes of a prospective HDB upgrader. Imagine running a family with 1 to 2 kids, currently living in a 990 sqft to 1000 plus sqft 4 to 5 room HDB flat. What will you be prioritising when looking for a new condo to upgrade into ? Affordability Space Layout efficiency Proximity to School Proximity to MRT From our experience and countless consults with readers, above are the priorities that HDB upgraders mainly look out for, in order of importance. Contrary to common belief, proximity to mrt matters less to these categories of buyers. Affordability, space and layout efficiency matters more. At the risk of stereotyping, visualise the common archetype or a HDB upgrading family. They normally own a family sedan or SUV, and the wife operating the household normally looks out for space to place child stuff and extra room for helper lodging. While on the other spectrum, white collar yuppies or upwardly mobile couple without child buying 2 bedders in the city fringe areas tend to prioritize proximity to MRT and seamless commute to city centre. Is Norwood Grand’s proximity to MRT a selling point ? So back to Norwood Grand, we felt that the value proposition of being located right next to Woodland South MRT is a plus point, but its pricing and purchase quantum vis a vis competing resale EC in Woodlands is still the most important. Unit Type At this point it will be an opportune time to segway into the topic of unit type selection. Acknowledging that Woodlands is an area catering to HDB upgraders that are family. It helps to be mindful to select the right product type to fit the market’s demand. To ensure a margin of safety, we encourage you to go for at least a 3 bedroom unit. If budget permits, optimise for a sizable 3 bedroom unit with the following feature. Utility room for extra storage Enclosed kitchen with window Extra study room for helpers lodging or work from home setup Single balcony instead of two balcony Unit distribution Unit Type Estimated Size (sq ft) Total Units Percentage (%) 1-Bedroom+Study 495 31 9% 2-Bedroom (2 Baths) 624 77 38% 2-Bedroom+Ensuite Study 667 11 2-Bedroom+Study 710 43 3-Bedroom Deluxe 872 – 883 33 25% 3-Bedroom+Study 904 22 3-Bedroom Premium+Study 1,044 33 4-Bedroom Deluxe+Study 1,173 22 28% 4-Bedroom Premium+Study 1,313 – 1,335 76 Total 348 100% More reads on unit size selection and unit selection for new launch How to select a unit in a new launch condo ? – Profitable Strategies Best condo size for investment Estimated launch price As an interim step before moving on to price comparisons of Norwood Grand vs competing condo developments and ECs in Woodlands. Let’s work on the possible launch prices for Norwood Grand. Land Breakeven Price Norwood Grand Cost (psf) Markup Estimated launch price 1,687 0% (Land Breakeven Price) 1,687 1,687 10% 1,856 1,687 15% 1,940 1,687 20% 2,024 1,687 30% 2,193 Referencing the table above, developers normally launch projects with a 15% markup. Hence we are projecting a launch price of $1,900 psf ~ $2,000 psf based on breakeven price. #4 – Price Comparison vs Private Condo In Woodlands Norwood Grand fare pretty well when comparing against comparable private condo in Woodlands. It is true that there has not been any private condo launches in Woodlands in recent years. There isn’t really a private condo that can be pitted against Norwood Grand in terms of age and “newness”. Project Name Tenure Completion No of units Avg Price (S$ psf) Price Disparity vs Norwood Grand Norwood Grand TBC U/C 348 1,940 0 WOODHAVEN 99 yrs FROM 2011 2015 298 1,253 687 PARC ROSEWOOD 99 yrs FROM 2011 2014 689 1,327 613 ROSEWOOD SUITES 99 yrs FROM 2008 2011 200 1,026 914 CASABLANCA 99 yrs FROM 2001 2005 478 1,062 878 ROSEWOOD 99 yrs FROM 2000 2003 437 1,034 906 WOODGROVE CONDOMINIUM 99 yrs FROM 1997 1999 248 949 991 THE WOODGROVE 99 yrs FROM 1996 1998 72 939 1,001 #5 – Price comparison vs Resale EC in Woodlands If you were to observe, resale ECs are the real threat to private condo launches like Norwood Grand in emerging townships like Woodlands. As part of the government’s agenda to develop a township and attract Singaporeans to live and work in the area. They will initiate lots of affordable BTOs and ECs developments in the area, Punggol and Sengkang serve as a good reference to the lifecycle of such developments. For those that are uninitiated, ECs as a form of government subsidised housing, are priced 15% to 20% lower than comparable condos in the area. Resale ECs are the real threat to Norwood Grand These ECs when they attain their 5 year MOP and become semi privatised, are deemed as indifferent to a private condo in the eyes of a HDB upgrader. In fact, when the first EC owner passes on part of the government’s discount by pricing the unit at a lower price, these ECs provide a more affordable upgrade option to HDB upgraders. We raise this point, as we observe that private condominiums situated in an area saturated with ECs tend to see lower average profits and take longer to see price appreciation. Generally you would have to wait for the price gap between resale EC and the private condo in the area to close up before seeing reasonable appreciation. Refer to the research article “ EC vs Condo ” for more insights. Norwood Grand Projected Launch Price vs Resale EC Prices Project Name Tenure Completion No of units Avg Price (S$ psf) Price Disparity vs Norwood Grand Norwood Grand TBC U/C 348 1,940 0 NORTHWAVE 99 yrs FROM 2015 2019 358 1,269 671 BELLEWOODS 99 yrs FROM 2013 2017 561 1,247 693 FORESTVILLE 99 yrs FROM 2012 2016 653 1,135 805 TWIN FOUNTAINS 99 yrs FROM 2012 2016 418 1,249 691 Norwood Grand Purchase Quantum vs Resale EC purchase Quantum Project Name Completion Avg Price (S$ psf) Size of entry 3 bedroom unit Purchase Quantum Quantum vs Norwood Grand Norwood Grand U/C 1,940 786 1,524,840 0 NORTHWAVE 2019 1,269 893 1,133,217 391,623 BELLEWOODS 2017 1,247 936 1,167,192 357,648 FORESTVILLE 2016 1,135 1033 1,172,455 352,385 TWIN FOUNTAINS 2016 1,249 1033 1,290,217 234,623 Norwood Grand is $600 psf more expensive than resale EC in the area Norwood Grand being 11 years younger in lease vs Northwave the youngest EC in the area is $600 psf more expensive. Am stating this not to put dampener on the project, but it is important to note that when buying into Norwood Grand, you are setting the benchmark prices for other development in the Woodlands area. This makes it crucial to consider the upcoming price catalyst that could create new benchmark prices for Norwood grand to be priced against. #6 – Norwood Grand Launch Price vs New Launch in Lentor To set the upper bound price comparison, let’s compare Norwood Grand’s estimated launch price vs other new launch developments in the Lentor area, which is 2 stops away from Woodlands South MRT. Referencing the table below, if Norwood Grand launch prices come too close to the $2100 psf range, which is the launch prices for Lentor new launch. It is a signal to walk away. Project Name Tenure Completion No of units Avg Price (S$ psf) Norwood Grand vs Lentor Condo Norwood Grand TBC U/C 348 1,940 0 Lentor Hills Residences 99 yrs FROM 2022 2028 598 2,153 -213 Hillock Green 99 yrs FROM 2022 2028 474 2,166 -226 Lentoria 99 yrs FROM 2022 2027 267 2,170 -230 Lentor Mansion 99 yrs FROM 2023 2028 533 2,236 -296 Lentor Modern 99 yrs FROM 2021 U/C 605 2,254 -314 Entry Price Consideration Good value – anything below $1900 psf Fair value – $1900 psf Over value – $2000 psf and above Price Catalyst for Norwood Grand New Launch In this section, we will cover all the tangible price catalysts that we must look out for that will drive price appreciation for Norwood Grand. Getting this off the table first, you will not see us mentioning much of Woodlands District Transformation plan and the RTS project. We felt that these are future states that will only take place in 15 to 20 years. We prefer to base our investment cases on things that will materialise in the near terms, things that can set the stage for a profitable exit asap. New GLS land sales for private condo development matters the most We view new GLS land sales for new private condo development as the single most important criteria for price appreciation of Norwood Grand. You will need new projects to set a new benchmark price that you can price against for exits. The following are GLS land sales in sight that could serve as a price catalyst for Norwood Grand. Woodlands Central – GLS land Sales Woodlands Drive 17 EC Launch Relocation of Singapore Sports School for more housing in Woodlands Summary of Norwood Grand as an Investment property From a risk reward perspective, If you are considering the purchase of Norwood Grand strictly for investment. It is similar to purchasing a unit in J’den during launch, but with the threat of cheaper resale ECs in the area. You must have the holding power to wait for the following factors to be fulfilled for significant price appreciation Price convergences between resale EC and Norwood Grand New private condo launches in Woodlands setting new benchmark prices to purchase Norwood Grand’s prices upwards More amenities being constructed in the Woodlands area to be realised as part of the Woodlands regional centre transformation. Latest Floor Plan Floor Plan – 1 Bedroom Plus Study Floor Plan – 2 Bedroom Floor Plan – 2 Bedroom + Ensuite Study Floor Plan – 2 Bedroom + Study Floor Plan – 3 Bedroom – Type C1 Floor Plan – 3 Bedroom Plus Study Premium Floor Plan – 4 Bedroom Deluxe Plus Study Floor Plan – 4 Bedroom Premium Plus Study Looking for a competitive edge when selecting a new launch condo ? You will need to marry both head knowledge with ground knowledge. By ploughing through this 9 page article, you would have gained significant head knowledge on what kind of condo development you should be looking at. But the recipe to a successful real estate purchase is often the marrying of 2 components. Head knowledge and experienced on-ground execution. The next step to take will be to get someone to shortlist actual units that fit your budget, selection criteria and to take you through the groundwork of visiting all these units.
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[Singles Investment Property](https://decouplingexpertise.sg/singles-investment-property/) - [New Launch Condo Research](https://decouplingexpertise.sg/insights-new-launch-condo-research/) - [Resale Condo Research](https://decouplingexpertise.sg/insights-resale-condo-research/) - [Case Studies](https://decouplingexpertise.sg/insights-case-studies/) - [Tools](https://decouplingexpertise.sg/insights-tools/) - [Contact](https://decouplingexpertise.sg/contact/) - [Consultation](https://decouplingexpertise.sg/norwood-grand-new-launch-condominium-review-key-risk/) - [Consultation Decoupling Property](https://decouplingexpertise.sg/consultation-decoupling-property/) - [New Launch Condo Research](https://decouplingexpertise.sg/consulting-new-launch-condo-research/) # Norwood Grand New Launch Condominium Review – Key Risk - 30 July 2025 - Guides to selecting 2nd property, New Launch Condo Research, Purchasing EC ![Norwood Grand New Launch](https://decouplingexpertise.sg/wp-content/uploads/2024/09/Norwood-Grand-Condo-City-Developments-Limited.jpg) #### Table of Contents ## Project Launch Date Showroom viewing starting from 5 Oct 2024 Booking day on 19 Oct 2024 Gain a competitive advantage by starting your prep work early. Be the first to view the showroom, review site plan and analysze the best stacks for investment. Drop us a text and we will seek to help you expedite the preparation process. ## Revised for Latest Information Primer – this article will be constantly updated to reflect the latest information for Norwood Grand New Launch Condo as new information is being released by developers. ## The scope of this article This article is specifically written for investment minded property buyers. Buyers that prioritise making a profit from real estate. Instead of “marketing” the new launch project, this article will seek to - Identify the key investment case for Norwood Grand - Deconstruct the assumptions that is supporting the investment case - Identify risk and catalyst within this assumptions The goal is to equip you with a balanced measure of risk and reward to facilitate you in making a level headed purchase decision. ## We are Decoupling Expertise Before committing the next 5 mins reading this article, it helps to know who is behind the pen. We are a team of specialist realtors that specialises in helping our readers research, shortlist and purchase investment properties. LWe believe in delivering informational value upfront without obligations through practical, detailed and data backed long form articles. If you like a more personalised solution tailored to your current consideration drop us a whatsapp text. ## General Project Information The project is to be situated 5 mins away from Woodlands South MRT. The MRT is located on the TEL line, it is 2 stops away from Lentor MRT. The new launch private condo is the first new launch project to be launched in Woodlands after 10 years. Having said that, several executive condominium projects have been launched in recent years and some of these projects have attained their 5 year minimum occupancy period recently. \| \| \| \|---\|---\| \| Description \| Details \| \| Project Name \| Norwood Grand \| \| Developer \| CDL Stellar Pte Ltd \| \| Development Type \| Proposed flat housing development comprising 4 blocks of 11-storey apartments (total 348 units) with childcare centre, one level of basement parking, landscape deck with swimming pool and communal facilities on Lot 06633C MK13 at Champions Way (Woodlands Planning Area) \| \| Tenure \| 99-year Leasehold \| \| District \| 25 Woodlands \| \| Expected Date of Vacant Possession \| TBC \| \| Site Area \| 14,432.5 sq m (155,351 sq ft) \| \| Plot Ratio \| 2\.1 \| \| Gross Floor Area \| 30,309 sq m (326,237 sq ft) \| \| Total No. of Units \| 348 units \| \| Architect \| AADP Architect LLP \| \| Main Contractor \| Woh Hup Pte Ltd \| \| Interior Design \| Index Design Pte Ltd \| ## Investment case vs marketing hype With every new launch project, there will be lots of hype generated to market it. It’s our job as discerning analysts to put on the researcher hat to figure what is the real investment case behind this project and what’s fluffy and will not help drive real price appreciation. ### Norwood Grand must win the heart of HDB upgraders for it to be a successful investment. The investment case for Norwood Grand is centred around owning a desirable private property that is desirable to HDB upgraders living in the area. Your job as a Norwood Grand new launch buyer is to finance and own the property for 3 years during the construction phase and flip it over to HDB upgraders that are looking for a brand new TOP unit for immediate homestay. ### Assumptions that needs to be validated for investment case to be realised 1. There must be substantial HDB upgrader demand 2. HDB upgraders must have the affordability to afford the new launch when it TOP 3. HDB upgraders will view Norwood Grand as the preferred upgrading option vs resale EC and new EC in Woodlands 4. Launch Price is competitive vs other districts ## Woodlands HDB Upgrader Demand – Analysis Norwood Grand’s growth trajectory can be modelled after the growth trajectory of similar OCR condo development in Tampines, Pasir Ris, Seng Kang and Punggol. Its demand will be driven primarily by existing HDB dwellers living in Woodlands. It is highly improbable that a buyer will move from a more central location like Yishun, Lentor or Bishan backwards towards Woodlands. Hence, it is crucial to validate that there is a substantial HDB population within Woodlands to drive demand for Norwood Grand. ## \#1 – Size of HDB dwelling population in Woodlands vs other districts Referencing the table below. Woodlands is one of the top 5 districts in Singapore with the most HDB units. It currently has 70,072 HDB flats in total and a further 1,609 BTO units have been launched in June 2024. So from a demand volume standpoint, we are seeing a sizable demand pool with a healthy pipeline of new HDB upgraders on its way. \| \| \| \| \| \| \| \| \| \| \|---\|---\|---\|---\|---\|---\|---\|---\|---\| \| Town \| 1-Room \| 2-Room \| 3-Room \| 4-Room \| 5-Room \| Exec / MG \| Studio \| Total \| \| Tampines \| 1,615 \| 1,517 \| 14,274 \| 32,050 \| 19,373 \| 5,849 \| 664 \| 75,342 \| \| Jurong West \| 813 \| 2,692 \| 12,616 \| 29,761 \| 22,215 \| 6,507 \| 602 \| 75,206 \| \| Sengkang \| 685 \| 3,268 \| 4,161 \| 32,153 \| 24,728 \| 4,463 \| 731 \| 70,189 \| \| Woodlands \| 2,274 \| 2,957 \| 7,131 \| 29,899 \| 20,791 \| 6,191 \| 829 \| 70,072 \| \| Yishun \| 1,259 \| 2,968 \| 16,057 \| 31,334 \| 10,521 \| 2,741 \| 734 \| 65,614 \| \| Bedok \| 2,604 \| 3,055 \| 23,015 \| 21,971 \| 10,773 \| 2,718 \| 279 \| 64,415 \| \| Hougang \| 668 \| 2,458 \| 11,004 \| 27,306 \| 11,210 \| 4,311 \| 600 \| 57,557 \| \| Punggol \| 1,366 \| 4,872 \| 5,708 \| 24,632 \| 17,704 \| 1,126 \| 403 \| 55,811 \| \| Bukit Merah \| 4,665 \| 6,083 \| 15,975 \| 17,190 \| 9,621 \| 47 \| 576 \| 54,157 \| \| Ang Mo Kio \| 1,314 \| 3,807 \| 24,515 \| 14,715 \| 6,150 \| 502 \| 307 \| 51,310 \| \| Choa Chu Kang \| 565 \| 1,368 \| 2,463 \| 23,465 \| 15,952 \| 4,762 \| 451 \| 49,026 \| \| Bukit Batok \| 919 \| 3,676 \| 11,754 \| 18,483 \| 7,786 \| 2,734 \| 233 \| 45,585 \| \| Toa Payoh \| 1,170 \| 4,231 \| 16,484 \| 12,668 \| 6,412 \| 854 \| 366 \| 42,185 \| \| Kallang / Whampoa \| 4,401 \| 2,831 \| 14,169 \| 12,476 \| 5,478 \| 504 \| 312 \| 40,171 \| \| Bukit Panjang \| 223 \| 1,230 \| 3,868 \| 17,224 \| 10,628 \| 3,381 \| 342 \| 36,896 \| \| Queenstown \| 575 \| 3,968 \| 16,204 \| 10,530 \| 4,337 \| 356 \| 408 \| 36,378 \| \| Geylang \| 879 \| 3,661 \| 12,022 \| 10,221 \| 3,594 \| 832 \| 305 \| 31,514 \| \| Sembawang \| 955 \| 3,493 \| 1,705 \| 12,250 \| 9,056 \| 2,871 \| \| 30,330 \| \| Pasir Ris \| 176 \| 348 \| 491 \| 11,641 \| 9,379 \| 7,460 \| 159 \| 29,654 \| \| Clementi \| 474 \| 770 \| 12,100 \| 9,397 \| 3,364 \| 625 \| \| 26,730 \| \| Jurong East \| 433 \| 529 \| 7,069 \| 8,188 \| 5,925 \| 1,871 \| 107 \| 24,122 \| \| Serangoon \| 272 \| 409 \| 4,531 \| 10,231 \| 3,759 \| 2,365 \| 65 \| 21,632 \| \| Bishan \| 564 \| 264 \| 2,357 \| 9,359 \| 5,716 \| 1,660 \| 152 \| 20,072 \| \| Central Area \| 2,075 \| 1,316 \| 4,262 \| 3,438 \| 904 \| 6 \| \| 12,001 \| \| Marine Parade \| \| 1,350 \| 3,027 \| 1,798 \| 1,682 \| \| \| 7,857 \| \| Bukit Timah \| \| 49 \| 439 \| 920 \| 683 \| 380 \| 83 \| 2,554 \| \| Tengah \| 0 \| 0 \| 0 \| 0 \| 0 \| 0 \| 0 \| 0 \| \| Total \| 30,944 \| 63,170 \| 247,401 \| 433,300 \| 247,741 \| 65,116 \| 8,708 \| 1,096,380 \| One level deeper into the topic of HDB in different districts, while absolute volume is important, what’s more important is the number of 4 bedroom, 5 bedroom and EAs aka jumbo HDB in the district. These are the high value flats that will be priced anywhere from \$700k to \$1.0 mil, sellers that successfully resell these units will have the financial resources to upgrade a private condo. ### No of high value HDB units by district \| \| \| \|---\|---\| \| Town \| Total no of 4,5, Exec units \| \| Woodlands \| 56,881 \| \| Yishun \| 44,596 \| \| Tampines \| 57,272 \| \| Sengkang \| 61,344 \| \| Punggol \| 43,462 \| \| Jurong West \| 58,483 \| ## \#2 – Affordability of Potential HDB Upgraders in Woodlands Aside from validating the size of demand, it is important to also validate the affordability of potential HDB upgraders in Woodlands. This is a key factor that drives the price appreciation of ECs and private condos in areas like Punggol and Seng Kang. The virtuous cycle of first time property owners seeking to purchase HDBs in these areas, allows existing HDB property owners to resell their HDBs at a high price and consequently being able to pay higher price for an upgrade to a private condo or EC in the same location. ### Woodlands HDB Median Resale Price Contrary to common belief that HDB in Woodland is cheap, it is not. Referencing the table below, 4 bedroom, 5 bedroom and executive unit prices are priced at similar levels to areas like Punggol and Seng Kang. EAs in Woodlands sees average transactional prices of \$848k and current market asking prices ranges around \$1.0 mil. ![Woodlands - HDB - Resale Prices](https://decouplingexpertise.sg/wp-content/uploads/2024/09/Screenshot-6.png) ### Woodlands HDB EA – Sale Prices ![Woodlands HDB EA - Sale Price](https://decouplingexpertise.sg/wp-content/uploads/2024/09/Woodlands-HDB-EA-Sale-Price-1-1024x543.png) ## \#3 – Will HDB upgraders view Norwood Grand as the preferred upgrading option ? Having validated the first two assumptions, Woodlands as a township does have a substantial HDB buyer pool equipped with adequate financial affordability to upgrade to a private condo. But the greater question is what factors do these HDB upgraders go for and will they view Norwood Grand as their choiced upgrading option ? ### What do HDB upgraders prioritise ? Let’s put ourselves in the shoes of a prospective HDB upgrader. Imagine running a family with 1 to 2 kids, currently living in a 990 sqft to 1000 plus sqft 4 to 5 room HDB flat. What will you be prioritising when looking for a new condo to upgrade into ? 1. Affordability 2. Space 3. Layout efficiency 4. Proximity to School 5. Proximity to MRT From our experience and countless consults with readers, above are the priorities that HDB upgraders mainly look out for, in order of importance. Contrary to common belief, proximity to mrt matters less to these categories of buyers. Affordability, space and layout efficiency matters more. At the risk of stereotyping, visualise the common archetype or a HDB upgrading family. They normally own a family sedan or SUV, and the wife operating the household normally looks out for space to place child stuff and extra room for helper lodging. While on the other spectrum, white collar yuppies or upwardly mobile couple without child buying 2 bedders in the city fringe areas tend to prioritize proximity to MRT and seamless commute to city centre. ### Is Norwood Grand’s proximity to MRT a selling point ? So back to Norwood Grand, we felt that the value proposition of being located right next to Woodland South MRT is a plus point, but its pricing and purchase quantum vis a vis competing resale EC in Woodlands is still the most important. ### Unit Type At this point it will be an opportune time to segway into the topic of unit type selection. Acknowledging that Woodlands is an area catering to HDB upgraders that are family. It helps to be mindful to select the right product type to fit the market’s demand. To ensure a margin of safety, we encourage you to go for at least a 3 bedroom unit. If budget permits, optimise for a sizable 3 bedroom unit with the following feature. - Utility room for extra storage - Enclosed kitchen with window - Extra study room for helpers lodging or work from home setup - Single balcony instead of two balcony ### Unit distribution \| \| \| \| \| \|---\|---\|---\|---\| \| Unit Type \| Estimated Size (sq ft) \| Total Units \| Percentage (%) \| \| 1-Bedroom+Study \| 495 \| 31 \| 9% \| \| 2-Bedroom (2 Baths) \| 624 \| 77 \| 38% \| \| 2-Bedroom+Ensuite Study \| 667 \| 11 \| \| \| 2-Bedroom+Study \| 710 \| 43 \| \| \| 3-Bedroom Deluxe \| 872 – 883 \| 33 \| 25% \| \| 3-Bedroom+Study \| 904 \| 22 \| \| \| 3-Bedroom Premium+Study \| 1,044 \| 33 \| \| \| 4-Bedroom Deluxe+Study \| 1,173 \| 22 \| 28% \| \| 4-Bedroom Premium+Study \| 1,313 – 1,335 \| 76 \| \| \| Total \| \| 348 \| 100% \| More reads on unit size selection and unit selection for new launch - [How to select a unit in a new launch condo ?](https://decouplingexpertise.sg/how-to-select-a-unit-in-a-new-launch-condo-profitable-strategies/) – Profitable Strategies - [Best condo size for investment](https://decouplingexpertise.sg/best-condo-size-for-investment-in-singapore/) ## Estimated launch price As an interim step before moving on to price comparisons of Norwood Grand vs competing condo developments and ECs in Woodlands. Let’s work on the possible launch prices for Norwood Grand. ### Land Breakeven Price ![Norwood Grand Land Breakeven Price](https://decouplingexpertise.sg/wp-content/uploads/2024/09/Screenshot-2024-09-26-105626.png) \| \| \| \| \|---\|---\|---\| \| Norwood Grand Cost (psf) \| Markup \| Estimated launch price \| \| 1,687 \| 0% (Land Breakeven Price) \| 1,687 \| \| 1,687 \| 10% \| 1,856 \| \| 1,687 \| 15% \| 1,940 \| \| 1,687 \| 20% \| 2,024 \| \| 1,687 \| 30% \| 2,193 \| Referencing the table above, developers normally launch projects with a 15% markup. Hence we are projecting a launch price of \$1,900 psf ~ \$2,000 psf based on breakeven price. ## \#4 – Price Comparison vs Private Condo In Woodlands Norwood Grand fare pretty well when comparing against comparable private condo in Woodlands. It is true that there has not been any private condo launches in Woodlands in recent years. There isn’t really a private condo that can be pitted against Norwood Grand in terms of age and “newness”. \| \| \| \| \| \| \| \|---\|---\|---\|---\|---\|---\| \| Project Name \| Tenure \| Completion \| No of units \| Avg Price (S\$ psf) \| Price Disparity vs Norwood Grand \| \| Norwood Grand \| TBC \| U/C \| 348 \| 1,940 \| 0 \| \| WOODHAVEN \| 99 yrs FROM 2011 \| 2015 \| 298 \| 1,253 \| 687 \| \| PARC ROSEWOOD \| 99 yrs FROM 2011 \| 2014 \| 689 \| 1,327 \| 613 \| \| ROSEWOOD SUITES \| 99 yrs FROM 2008 \| 2011 \| 200 \| 1,026 \| 914 \| \| CASABLANCA \| 99 yrs FROM 2001 \| 2005 \| 478 \| 1,062 \| 878 \| \| ROSEWOOD \| 99 yrs FROM 2000 \| 2003 \| 437 \| 1,034 \| 906 \| \| WOODGROVE CONDOMINIUM \| 99 yrs FROM 1997 \| 1999 \| 248 \| 949 \| 991 \| \| THE WOODGROVE \| 99 yrs FROM 1996 \| 1998 \| 72 \| 939 \| 1,001 \| ## \#5 – Price comparison vs Resale EC in Woodlands If you were to observe, resale ECs are the real threat to private condo launches like Norwood Grand in emerging townships like Woodlands. As part of the government’s agenda to develop a township and attract Singaporeans to live and work in the area. They will initiate lots of affordable BTOs and ECs developments in the area, Punggol and Sengkang serve as a good reference to the lifecycle of such developments. For those that are uninitiated, ECs as a form of government subsidised housing, are priced 15% to 20% lower than comparable condos in the area. ### Resale ECs are the real threat to Norwood Grand These ECs when they attain their 5 year MOP and become semi privatised, are deemed as indifferent to a private condo in the eyes of a HDB upgrader. In fact, when the first EC owner passes on part of the government’s discount by pricing the unit at a lower price, these ECs provide a more affordable upgrade option to HDB upgraders. We raise this point, as we observe that private condominiums situated in an area saturated with ECs tend to see lower average profits and take longer to see price appreciation. Generally you would have to wait for the price gap between resale EC and the private condo in the area to close up before seeing reasonable appreciation. Refer to the research article “ [EC vs Condo](https://decouplingexpertise.sg/executive-condo-ec-vs-condo-all-important-differences/)” for more insights. ### Norwood Grand Projected Launch Price vs Resale EC Prices \| \| \| \| \| \| \| \|---\|---\|---\|---\|---\|---\| \| Project Name \| Tenure \| Completion \| No of units \| Avg Price (S\$ psf) \| Price Disparity vs Norwood Grand \| \| Norwood Grand \| TBC \| U/C \| 348 \| 1,940 \| 0 \| \| NORTHWAVE \| 99 yrs FROM 2015 \| 2019 \| 358 \| 1,269 \| 671 \| \| BELLEWOODS \| 99 yrs FROM 2013 \| 2017 \| 561 \| 1,247 \| 693 \| \| FORESTVILLE \| 99 yrs FROM 2012 \| 2016 \| 653 \| 1,135 \| 805 \| \| TWIN FOUNTAINS \| 99 yrs FROM 2012 \| 2016 \| 418 \| 1,249 \| 691 \| ### Norwood Grand Purchase Quantum vs Resale EC purchase Quantum \| \| \| \| \| \| \| \|---\|---\|---\|---\|---\|---\| \| Project Name \| Completion \| Avg Price (S\$ psf) \| Size of entry 3 bedroom unit \| Purchase Quantum \| Quantum vs Norwood Grand \| \| Norwood Grand \| U/C \| 1,940 \| 786 \| 1,524,840 \| 0 \| \| NORTHWAVE \| 2019 \| 1,269 \| 893 \| 1,133,217 \| 391,623 \| \| BELLEWOODS \| 2017 \| 1,247 \| 936 \| 1,167,192 \| 357,648 \| \| FORESTVILLE \| 2016 \| 1,135 \| 1033 \| 1,172,455 \| 352,385 \| \| TWIN FOUNTAINS \| 2016 \| 1,249 \| 1033 \| 1,290,217 \| 234,623 \| ### Norwood Grand is \$600 psf more expensive than [resale EC in the area](https://decouplingexpertise.sg/ec-in-woodlands-full-list-with-review/) Norwood Grand being 11 years younger in lease vs Northwave the youngest EC in the area is \$600 psf more expensive. Am stating this not to put dampener on the project, but it is important to note that when buying into Norwood Grand, you are setting the benchmark prices for other development in the Woodlands area. This makes it crucial to consider the upcoming price catalyst that could create new benchmark prices for Norwood grand to be priced against. ## \#6 – Norwood Grand Launch Price vs New Launch in Lentor To set the upper bound price comparison, let’s compare Norwood Grand’s estimated launch price vs other new launch developments in the Lentor area, which is 2 stops away from Woodlands South MRT. Referencing the table below, if Norwood Grand launch prices come too close to the \$2100 psf range, which is the launch prices for Lentor new launch. It is a signal to walk away. \| \| \| \| \| \| \| \|---\|---\|---\|---\|---\|---\| \| Project Name \| Tenure \| Completion \| No of units \| Avg Price (S\$ psf) \| Norwood Grand vs Lentor Condo \| \| Norwood Grand \| TBC \| U/C \| 348 \| 1,940 \| 0 \| \| Lentor Hills Residences \| 99 yrs FROM 2022 \| 2028 \| 598 \| 2,153 \| \-213 \| \| Hillock Green \| 99 yrs FROM 2022 \| 2028 \| 474 \| 2,166 \| \-226 \| \| Lentoria \| 99 yrs FROM 2022 \| 2027 \| 267 \| 2,170 \| \-230 \| \| Lentor Mansion \| 99 yrs FROM 2023 \| 2028 \| 533 \| 2,236 \| \-296 \| \| Lentor Modern \| 99 yrs FROM 2021 \| U/C \| 605 \| 2,254 \| \-314 \| ## Entry Price Consideration - Good value – anything below \$1900 psf - Fair value – \$1900 psf - Over value – \$2000 psf and above ## Price Catalyst for Norwood Grand New Launch In this section, we will cover all the tangible price catalysts that we must look out for that will drive price appreciation for Norwood Grand. Getting this off the table first, you will not see us mentioning much of Woodlands District Transformation plan and the RTS project. We felt that these are future states that will only take place in 15 to 20 years. We prefer to base our investment cases on things that will materialise in the near terms, things that can set the stage for a profitable exit asap. ![Woodlands Regional Centre Transformation - Timeline](https://decouplingexpertise.sg/wp-content/uploads/2024/09/Screenshot-2024-09-27-101750.png) ### New GLS land sales for private condo development matters the most We view new GLS land sales for new private condo development as the single most important criteria for price appreciation of Norwood Grand. You will need new projects to set a new benchmark price that you can price against for exits. The following are GLS land sales in sight that could serve as a price catalyst for Norwood Grand. ### Woodlands Central – GLS land Sales ![Woodlands Central - Upcoming GLS Land Sale](https://decouplingexpertise.sg/wp-content/uploads/2024/09/Screenshot-7-1024x738.png) ### Woodlands Drive 17 EC Launch ![Woodlands Drive 17 EC Launch](https://decouplingexpertise.sg/wp-content/uploads/2024/09/Screenshot-9.png) ### Relocation of Singapore Sports School for more housing in Woodlands ![Relocation of Singapore Sports School for more housing in Woodlands](https://decouplingexpertise.sg/wp-content/uploads/2024/09/Screenshot-8-1024x689.png) ## Summary of Norwood Grand as an Investment property From a risk reward perspective, If you are considering the purchase of Norwood Grand strictly for investment. It is similar to purchasing a unit in J’den during launch, but with the threat of cheaper resale ECs in the area. You must have the holding power to wait for the following factors to be fulfilled for significant price appreciation - Price convergences between resale EC and Norwood Grand - New private condo launches in Woodlands setting new benchmark prices to purchase Norwood Grand’s prices upwards - More amenities being constructed in the Woodlands area to be realised as part of the Woodlands regional centre transformation. ## Latest Floor Plan ![Norwood Grand - Floor Plan - 1 Bedroom Plus Study](https://decouplingexpertise.sg/wp-content/uploads/2024/10/Norwood-Grand-Floor-Plan-1-Bedroom-Plus-Study.png) Floor Plan – 1 Bedroom Plus Study ![Norwood Grand - Floor Plan - 2 Bedroom](https://decouplingexpertise.sg/wp-content/uploads/2024/10/Norwood-Grand-Floor-Plan-2-Bedroom-.png) Floor Plan – 2 Bedroom ![Norwood Grand - Floor Plan - 2 Bedroom + Ensuite Study](https://decouplingexpertise.sg/wp-content/uploads/2024/10/Norwood-Grand-Floor-Plan-2-Bedroom-Ensuite-Study.png) Floor Plan – 2 Bedroom + Ensuite Study ![Norwood Grand - Floor Plan - 2 Bedroom + Study](https://decouplingexpertise.sg/wp-content/uploads/2024/10/Norwood-Grand-Floor-Plan-2-Bedroom-Study.png) Floor Plan – 2 Bedroom + Study ![Norwood Grand - Floor Plan - 3 Bedroom - Type C1](https://decouplingexpertise.sg/wp-content/uploads/2024/10/Norwood-Grand-Floor-Plan-3-Bedroom-Type-C1.png) Floor Plan – 3 Bedroom – Type C1 ![Norwood Grand - Floor Plan - 3 Bedroom Plus Study Premium](https://decouplingexpertise.sg/wp-content/uploads/2024/10/Norwood-Grand-Floor-Plan-3-Bedroom-Plus-Study-Premium.png) Floor Plan – 3 Bedroom Plus Study Premium ![Norwood Grand - Floor Plan - 4 Bedroom Deluxe Plus Study](https://decouplingexpertise.sg/wp-content/uploads/2024/10/Norwood-Grand-Floor-Plan-4-Bedroom-Deluxe-Plus-Study.png) Floor Plan – 4 Bedroom Deluxe Plus Study ![Norwood Grand - Floor Plan - 4 Bedroom Premium Plus Study](https://decouplingexpertise.sg/wp-content/uploads/2024/10/Norwood-Grand-Floor-Plan-4-Bedroom-Premium-Plus-Study.png) Floor Plan – 4 Bedroom Premium Plus Study ## Looking for a competitive edge when selecting a new launch condo ? You will need to marry both head knowledge with ground knowledge. By ploughing through this 9 page article, you would have gained significant head knowledge on what kind of condo development you should be looking at. But the recipe to a successful real estate purchase is often the marrying of 2 components. Head knowledge and experienced on-ground execution. The next step to take will be to get someone to shortlist actual units that fit your budget, selection criteria and to take you through the groundwork of visiting all these units. ## Author - ![](https://decouplingexpertise.sg/wp-content/uploads/2023/08/Profile-Picture-Square.jpg) #### [Jue Wen](https://decouplingexpertise.sg/author/jue-wen/ "Jue Wen") Jue Wen is a seasoned real estate researcher and strategist, with over 135 in-depth articles published on decoupling strategies and investment property planning in Singapore. His insights are backed by hands-on experience—applying these very frameworks to grow and optimise his personal property portfolio. Recognised for his methodical and data-driven approach, Jue Wen’s work serves as a trusted guide for homeowners looking to legally and strategically acquire a second property without incurring Additional Buyer’s Stamp Duty (ABSD). His mission is to equip property owners with actionable frameworks to build sustainable long-term wealth through real estate. ### Looking to purchase your second property? Just fulfilled your MOP status for your executive or BTO or Looking to decouple from your current condomium? Or simply looking to purchase your 2nd investment property? Having assisted over 50 clients on their journey towards purchasing their second property, we have got the expertise to help you avoid unnecessary ABSD, optimise legal cost and clarify your doubts. Drop us quick Whatsapp message for non obligator questions and answers. 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He specialises in helping client achieve the best approach towards acquiring their ideal investment properties while minimising ABSD.
Readable Markdown	## Project Launch Date Showroom viewing starting from 5 Oct 2024 Booking day on 19 Oct 2024 Gain a competitive advantage by starting your prep work early. Be the first to view the showroom, review site plan and analysze the best stacks for investment. Drop us a text and we will seek to help you expedite the preparation process. ## Revised for Latest Information Primer – this article will be constantly updated to reflect the latest information for Norwood Grand New Launch Condo as new information is being released by developers. ## The scope of this article This article is specifically written for investment minded property buyers. Buyers that prioritise making a profit from real estate. Instead of “marketing” the new launch project, this article will seek to - Identify the key investment case for Norwood Grand - Deconstruct the assumptions that is supporting the investment case - Identify risk and catalyst within this assumptions The goal is to equip you with a balanced measure of risk and reward to facilitate you in making a level headed purchase decision. ## We are Decoupling Expertise Before committing the next 5 mins reading this article, it helps to know who is behind the pen. We are a team of specialist realtors that specialises in helping our readers research, shortlist and purchase investment properties. LWe believe in delivering informational value upfront without obligations through practical, detailed and data backed long form articles. If you like a more personalised solution tailored to your current consideration drop us a whatsapp text. ## General Project Information The project is to be situated 5 mins away from Woodlands South MRT. The MRT is located on the TEL line, it is 2 stops away from Lentor MRT. The new launch private condo is the first new launch project to be launched in Woodlands after 10 years. Having said that, several executive condominium projects have been launched in recent years and some of these projects have attained their 5 year minimum occupancy period recently. \| \| \| \|---\|---\| \| Description \| Details \| \| Project Name \| Norwood Grand \| \| Developer \| CDL Stellar Pte Ltd \| \| Development Type \| Proposed flat housing development comprising 4 blocks of 11-storey apartments (total 348 units) with childcare centre, one level of basement parking, landscape deck with swimming pool and communal facilities on Lot 06633C MK13 at Champions Way (Woodlands Planning Area) \| \| Tenure \| 99-year Leasehold \| \| District \| 25 Woodlands \| \| Expected Date of Vacant Possession \| TBC \| \| Site Area \| 14,432.5 sq m (155,351 sq ft) \| \| Plot Ratio \| 2\.1 \| \| Gross Floor Area \| 30,309 sq m (326,237 sq ft) \| \| Total No. of Units \| 348 units \| \| Architect \| AADP Architect LLP \| \| Main Contractor \| Woh Hup Pte Ltd \| \| Interior Design \| Index Design Pte Ltd \| ## Investment case vs marketing hype With every new launch project, there will be lots of hype generated to market it. It’s our job as discerning analysts to put on the researcher hat to figure what is the real investment case behind this project and what’s fluffy and will not help drive real price appreciation. ### Norwood Grand must win the heart of HDB upgraders for it to be a successful investment. The investment case for Norwood Grand is centred around owning a desirable private property that is desirable to HDB upgraders living in the area. Your job as a Norwood Grand new launch buyer is to finance and own the property for 3 years during the construction phase and flip it over to HDB upgraders that are looking for a brand new TOP unit for immediate homestay. ### Assumptions that needs to be validated for investment case to be realised 1. There must be substantial HDB upgrader demand 2. HDB upgraders must have the affordability to afford the new launch when it TOP 3. HDB upgraders will view Norwood Grand as the preferred upgrading option vs resale EC and new EC in Woodlands 4. Launch Price is competitive vs other districts ## Woodlands HDB Upgrader Demand – Analysis Norwood Grand’s growth trajectory can be modelled after the growth trajectory of similar OCR condo development in Tampines, Pasir Ris, Seng Kang and Punggol. Its demand will be driven primarily by existing HDB dwellers living in Woodlands. It is highly improbable that a buyer will move from a more central location like Yishun, Lentor or Bishan backwards towards Woodlands. Hence, it is crucial to validate that there is a substantial HDB population within Woodlands to drive demand for Norwood Grand. ## \#1 – Size of HDB dwelling population in Woodlands vs other districts Referencing the table below. Woodlands is one of the top 5 districts in Singapore with the most HDB units. It currently has 70,072 HDB flats in total and a further 1,609 BTO units have been launched in June 2024. So from a demand volume standpoint, we are seeing a sizable demand pool with a healthy pipeline of new HDB upgraders on its way. \| \| \| \| \| \| \| \| \| \| \|---\|---\|---\|---\|---\|---\|---\|---\|---\| \| Town \| 1-Room \| 2-Room \| 3-Room \| 4-Room \| 5-Room \| Exec / MG \| Studio \| Total \| \| Tampines \| 1,615 \| 1,517 \| 14,274 \| 32,050 \| 19,373 \| 5,849 \| 664 \| 75,342 \| \| Jurong West \| 813 \| 2,692 \| 12,616 \| 29,761 \| 22,215 \| 6,507 \| 602 \| 75,206 \| \| Sengkang \| 685 \| 3,268 \| 4,161 \| 32,153 \| 24,728 \| 4,463 \| 731 \| 70,189 \| \| Woodlands \| 2,274 \| 2,957 \| 7,131 \| 29,899 \| 20,791 \| 6,191 \| 829 \| 70,072 \| \| Yishun \| 1,259 \| 2,968 \| 16,057 \| 31,334 \| 10,521 \| 2,741 \| 734 \| 65,614 \| \| Bedok \| 2,604 \| 3,055 \| 23,015 \| 21,971 \| 10,773 \| 2,718 \| 279 \| 64,415 \| \| Hougang \| 668 \| 2,458 \| 11,004 \| 27,306 \| 11,210 \| 4,311 \| 600 \| 57,557 \| \| Punggol \| 1,366 \| 4,872 \| 5,708 \| 24,632 \| 17,704 \| 1,126 \| 403 \| 55,811 \| \| Bukit Merah \| 4,665 \| 6,083 \| 15,975 \| 17,190 \| 9,621 \| 47 \| 576 \| 54,157 \| \| Ang Mo Kio \| 1,314 \| 3,807 \| 24,515 \| 14,715 \| 6,150 \| 502 \| 307 \| 51,310 \| \| Choa Chu Kang \| 565 \| 1,368 \| 2,463 \| 23,465 \| 15,952 \| 4,762 \| 451 \| 49,026 \| \| Bukit Batok \| 919 \| 3,676 \| 11,754 \| 18,483 \| 7,786 \| 2,734 \| 233 \| 45,585 \| \| Toa Payoh \| 1,170 \| 4,231 \| 16,484 \| 12,668 \| 6,412 \| 854 \| 366 \| 42,185 \| \| Kallang / Whampoa \| 4,401 \| 2,831 \| 14,169 \| 12,476 \| 5,478 \| 504 \| 312 \| 40,171 \| \| Bukit Panjang \| 223 \| 1,230 \| 3,868 \| 17,224 \| 10,628 \| 3,381 \| 342 \| 36,896 \| \| Queenstown \| 575 \| 3,968 \| 16,204 \| 10,530 \| 4,337 \| 356 \| 408 \| 36,378 \| \| Geylang \| 879 \| 3,661 \| 12,022 \| 10,221 \| 3,594 \| 832 \| 305 \| 31,514 \| \| Sembawang \| 955 \| 3,493 \| 1,705 \| 12,250 \| 9,056 \| 2,871 \| \| 30,330 \| \| Pasir Ris \| 176 \| 348 \| 491 \| 11,641 \| 9,379 \| 7,460 \| 159 \| 29,654 \| \| Clementi \| 474 \| 770 \| 12,100 \| 9,397 \| 3,364 \| 625 \| \| 26,730 \| \| Jurong East \| 433 \| 529 \| 7,069 \| 8,188 \| 5,925 \| 1,871 \| 107 \| 24,122 \| \| Serangoon \| 272 \| 409 \| 4,531 \| 10,231 \| 3,759 \| 2,365 \| 65 \| 21,632 \| \| Bishan \| 564 \| 264 \| 2,357 \| 9,359 \| 5,716 \| 1,660 \| 152 \| 20,072 \| \| Central Area \| 2,075 \| 1,316 \| 4,262 \| 3,438 \| 904 \| 6 \| \| 12,001 \| \| Marine Parade \| \| 1,350 \| 3,027 \| 1,798 \| 1,682 \| \| \| 7,857 \| \| Bukit Timah \| \| 49 \| 439 \| 920 \| 683 \| 380 \| 83 \| 2,554 \| \| Tengah \| 0 \| 0 \| 0 \| 0 \| 0 \| 0 \| 0 \| 0 \| \| Total \| 30,944 \| 63,170 \| 247,401 \| 433,300 \| 247,741 \| 65,116 \| 8,708 \| 1,096,380 \| One level deeper into the topic of HDB in different districts, while absolute volume is important, what’s more important is the number of 4 bedroom, 5 bedroom and EAs aka jumbo HDB in the district. These are the high value flats that will be priced anywhere from \$700k to \$1.0 mil, sellers that successfully resell these units will have the financial resources to upgrade a private condo. ### No of high value HDB units by district \| \| \| \|---\|---\| \| Town \| Total no of 4,5, Exec units \| \| Woodlands \| 56,881 \| \| Yishun \| 44,596 \| \| Tampines \| 57,272 \| \| Sengkang \| 61,344 \| \| Punggol \| 43,462 \| \| Jurong West \| 58,483 \| ## \#2 – Affordability of Potential HDB Upgraders in Woodlands Aside from validating the size of demand, it is important to also validate the affordability of potential HDB upgraders in Woodlands. This is a key factor that drives the price appreciation of ECs and private condos in areas like Punggol and Seng Kang. The virtuous cycle of first time property owners seeking to purchase HDBs in these areas, allows existing HDB property owners to resell their HDBs at a high price and consequently being able to pay higher price for an upgrade to a private condo or EC in the same location. ### Woodlands HDB Median Resale Price Contrary to common belief that HDB in Woodland is cheap, it is not. Referencing the table below, 4 bedroom, 5 bedroom and executive unit prices are priced at similar levels to areas like Punggol and Seng Kang. EAs in Woodlands sees average transactional prices of \$848k and current market asking prices ranges around \$1.0 mil. ![Woodlands - HDB - Resale Prices](https://decouplingexpertise.sg/wp-content/uploads/2024/09/Screenshot-6.png) ### Woodlands HDB EA – Sale Prices ![Woodlands HDB EA - Sale Price](https://decouplingexpertise.sg/wp-content/uploads/2024/09/Woodlands-HDB-EA-Sale-Price-1-1024x543.png) ## \#3 – Will HDB upgraders view Norwood Grand as the preferred upgrading option ? Having validated the first two assumptions, Woodlands as a township does have a substantial HDB buyer pool equipped with adequate financial affordability to upgrade to a private condo. But the greater question is what factors do these HDB upgraders go for and will they view Norwood Grand as their choiced upgrading option ? ### What do HDB upgraders prioritise ? Let’s put ourselves in the shoes of a prospective HDB upgrader. Imagine running a family with 1 to 2 kids, currently living in a 990 sqft to 1000 plus sqft 4 to 5 room HDB flat. What will you be prioritising when looking for a new condo to upgrade into ? 1. Affordability 2. Space 3. Layout efficiency 4. Proximity to School 5. Proximity to MRT From our experience and countless consults with readers, above are the priorities that HDB upgraders mainly look out for, in order of importance. Contrary to common belief, proximity to mrt matters less to these categories of buyers. Affordability, space and layout efficiency matters more. At the risk of stereotyping, visualise the common archetype or a HDB upgrading family. They normally own a family sedan or SUV, and the wife operating the household normally looks out for space to place child stuff and extra room for helper lodging. While on the other spectrum, white collar yuppies or upwardly mobile couple without child buying 2 bedders in the city fringe areas tend to prioritize proximity to MRT and seamless commute to city centre. ### Is Norwood Grand’s proximity to MRT a selling point ? So back to Norwood Grand, we felt that the value proposition of being located right next to Woodland South MRT is a plus point, but its pricing and purchase quantum vis a vis competing resale EC in Woodlands is still the most important. ### Unit Type At this point it will be an opportune time to segway into the topic of unit type selection. Acknowledging that Woodlands is an area catering to HDB upgraders that are family. It helps to be mindful to select the right product type to fit the market’s demand. To ensure a margin of safety, we encourage you to go for at least a 3 bedroom unit. If budget permits, optimise for a sizable 3 bedroom unit with the following feature. - Utility room for extra storage - Enclosed kitchen with window - Extra study room for helpers lodging or work from home setup - Single balcony instead of two balcony ### Unit distribution \| \| \| \| \| \|---\|---\|---\|---\| \| Unit Type \| Estimated Size (sq ft) \| Total Units \| Percentage (%) \| \| 1-Bedroom+Study \| 495 \| 31 \| 9% \| \| 2-Bedroom (2 Baths) \| 624 \| 77 \| 38% \| \| 2-Bedroom+Ensuite Study \| 667 \| 11 \| \| \| 2-Bedroom+Study \| 710 \| 43 \| \| \| 3-Bedroom Deluxe \| 872 – 883 \| 33 \| 25% \| \| 3-Bedroom+Study \| 904 \| 22 \| \| \| 3-Bedroom Premium+Study \| 1,044 \| 33 \| \| \| 4-Bedroom Deluxe+Study \| 1,173 \| 22 \| 28% \| \| 4-Bedroom Premium+Study \| 1,313 – 1,335 \| 76 \| \| \| Total \| \| 348 \| 100% \| More reads on unit size selection and unit selection for new launch - [How to select a unit in a new launch condo ?](https://decouplingexpertise.sg/how-to-select-a-unit-in-a-new-launch-condo-profitable-strategies/) – Profitable Strategies - [Best condo size for investment](https://decouplingexpertise.sg/best-condo-size-for-investment-in-singapore/) ## Estimated launch price As an interim step before moving on to price comparisons of Norwood Grand vs competing condo developments and ECs in Woodlands. Let’s work on the possible launch prices for Norwood Grand. ### Land Breakeven Price ![Norwood Grand Land Breakeven Price](https://decouplingexpertise.sg/wp-content/uploads/2024/09/Screenshot-2024-09-26-105626.png) \| \| \| \| \|---\|---\|---\| \| Norwood Grand Cost (psf) \| Markup \| Estimated launch price \| \| 1,687 \| 0% (Land Breakeven Price) \| 1,687 \| \| 1,687 \| 10% \| 1,856 \| \| 1,687 \| 15% \| 1,940 \| \| 1,687 \| 20% \| 2,024 \| \| 1,687 \| 30% \| 2,193 \| Referencing the table above, developers normally launch projects with a 15% markup. Hence we are projecting a launch price of \$1,900 psf ~ \$2,000 psf based on breakeven price. ## \#4 – Price Comparison vs Private Condo In Woodlands Norwood Grand fare pretty well when comparing against comparable private condo in Woodlands. It is true that there has not been any private condo launches in Woodlands in recent years. There isn’t really a private condo that can be pitted against Norwood Grand in terms of age and “newness”. \| \| \| \| \| \| \| \|---\|---\|---\|---\|---\|---\| \| Project Name \| Tenure \| Completion \| No of units \| Avg Price (S\$ psf) \| Price Disparity vs Norwood Grand \| \| Norwood Grand \| TBC \| U/C \| 348 \| 1,940 \| 0 \| \| WOODHAVEN \| 99 yrs FROM 2011 \| 2015 \| 298 \| 1,253 \| 687 \| \| PARC ROSEWOOD \| 99 yrs FROM 2011 \| 2014 \| 689 \| 1,327 \| 613 \| \| ROSEWOOD SUITES \| 99 yrs FROM 2008 \| 2011 \| 200 \| 1,026 \| 914 \| \| CASABLANCA \| 99 yrs FROM 2001 \| 2005 \| 478 \| 1,062 \| 878 \| \| ROSEWOOD \| 99 yrs FROM 2000 \| 2003 \| 437 \| 1,034 \| 906 \| \| WOODGROVE CONDOMINIUM \| 99 yrs FROM 1997 \| 1999 \| 248 \| 949 \| 991 \| \| THE WOODGROVE \| 99 yrs FROM 1996 \| 1998 \| 72 \| 939 \| 1,001 \| ## \#5 – Price comparison vs Resale EC in Woodlands If you were to observe, resale ECs are the real threat to private condo launches like Norwood Grand in emerging townships like Woodlands. As part of the government’s agenda to develop a township and attract Singaporeans to live and work in the area. They will initiate lots of affordable BTOs and ECs developments in the area, Punggol and Sengkang serve as a good reference to the lifecycle of such developments. For those that are uninitiated, ECs as a form of government subsidised housing, are priced 15% to 20% lower than comparable condos in the area. ### Resale ECs are the real threat to Norwood Grand These ECs when they attain their 5 year MOP and become semi privatised, are deemed as indifferent to a private condo in the eyes of a HDB upgrader. In fact, when the first EC owner passes on part of the government’s discount by pricing the unit at a lower price, these ECs provide a more affordable upgrade option to HDB upgraders. We raise this point, as we observe that private condominiums situated in an area saturated with ECs tend to see lower average profits and take longer to see price appreciation. Generally you would have to wait for the price gap between resale EC and the private condo in the area to close up before seeing reasonable appreciation. Refer to the research article “ [EC vs Condo](https://decouplingexpertise.sg/executive-condo-ec-vs-condo-all-important-differences/)” for more insights. ### Norwood Grand Projected Launch Price vs Resale EC Prices \| \| \| \| \| \| \| \|---\|---\|---\|---\|---\|---\| \| Project Name \| Tenure \| Completion \| No of units \| Avg Price (S\$ psf) \| Price Disparity vs Norwood Grand \| \| Norwood Grand \| TBC \| U/C \| 348 \| 1,940 \| 0 \| \| NORTHWAVE \| 99 yrs FROM 2015 \| 2019 \| 358 \| 1,269 \| 671 \| \| BELLEWOODS \| 99 yrs FROM 2013 \| 2017 \| 561 \| 1,247 \| 693 \| \| FORESTVILLE \| 99 yrs FROM 2012 \| 2016 \| 653 \| 1,135 \| 805 \| \| TWIN FOUNTAINS \| 99 yrs FROM 2012 \| 2016 \| 418 \| 1,249 \| 691 \| ### Norwood Grand Purchase Quantum vs Resale EC purchase Quantum \| \| \| \| \| \| \| \|---\|---\|---\|---\|---\|---\| \| Project Name \| Completion \| Avg Price (S\$ psf) \| Size of entry 3 bedroom unit \| Purchase Quantum \| Quantum vs Norwood Grand \| \| Norwood Grand \| U/C \| 1,940 \| 786 \| 1,524,840 \| 0 \| \| NORTHWAVE \| 2019 \| 1,269 \| 893 \| 1,133,217 \| 391,623 \| \| BELLEWOODS \| 2017 \| 1,247 \| 936 \| 1,167,192 \| 357,648 \| \| FORESTVILLE \| 2016 \| 1,135 \| 1033 \| 1,172,455 \| 352,385 \| \| TWIN FOUNTAINS \| 2016 \| 1,249 \| 1033 \| 1,290,217 \| 234,623 \| ### Norwood Grand is \$600 psf more expensive than [resale EC in the area](https://decouplingexpertise.sg/ec-in-woodlands-full-list-with-review/) Norwood Grand being 11 years younger in lease vs Northwave the youngest EC in the area is \$600 psf more expensive. Am stating this not to put dampener on the project, but it is important to note that when buying into Norwood Grand, you are setting the benchmark prices for other development in the Woodlands area. This makes it crucial to consider the upcoming price catalyst that could create new benchmark prices for Norwood grand to be priced against. ## \#6 – Norwood Grand Launch Price vs New Launch in Lentor To set the upper bound price comparison, let’s compare Norwood Grand’s estimated launch price vs other new launch developments in the Lentor area, which is 2 stops away from Woodlands South MRT. Referencing the table below, if Norwood Grand launch prices come too close to the \$2100 psf range, which is the launch prices for Lentor new launch. It is a signal to walk away. \| \| \| \| \| \| \| \|---\|---\|---\|---\|---\|---\| \| Project Name \| Tenure \| Completion \| No of units \| Avg Price (S\$ psf) \| Norwood Grand vs Lentor Condo \| \| Norwood Grand \| TBC \| U/C \| 348 \| 1,940 \| 0 \| \| Lentor Hills Residences \| 99 yrs FROM 2022 \| 2028 \| 598 \| 2,153 \| \-213 \| \| Hillock Green \| 99 yrs FROM 2022 \| 2028 \| 474 \| 2,166 \| \-226 \| \| Lentoria \| 99 yrs FROM 2022 \| 2027 \| 267 \| 2,170 \| \-230 \| \| Lentor Mansion \| 99 yrs FROM 2023 \| 2028 \| 533 \| 2,236 \| \-296 \| \| Lentor Modern \| 99 yrs FROM 2021 \| U/C \| 605 \| 2,254 \| \-314 \| ## Entry Price Consideration - Good value – anything below \$1900 psf - Fair value – \$1900 psf - Over value – \$2000 psf and above ## Price Catalyst for Norwood Grand New Launch In this section, we will cover all the tangible price catalysts that we must look out for that will drive price appreciation for Norwood Grand. Getting this off the table first, you will not see us mentioning much of Woodlands District Transformation plan and the RTS project. We felt that these are future states that will only take place in 15 to 20 years. We prefer to base our investment cases on things that will materialise in the near terms, things that can set the stage for a profitable exit asap. ![Woodlands Regional Centre Transformation - Timeline](https://decouplingexpertise.sg/wp-content/uploads/2024/09/Screenshot-2024-09-27-101750.png) ### New GLS land sales for private condo development matters the most We view new GLS land sales for new private condo development as the single most important criteria for price appreciation of Norwood Grand. You will need new projects to set a new benchmark price that you can price against for exits. The following are GLS land sales in sight that could serve as a price catalyst for Norwood Grand. ### Woodlands Central – GLS land Sales ![Woodlands Central - Upcoming GLS Land Sale](https://decouplingexpertise.sg/wp-content/uploads/2024/09/Screenshot-7-1024x738.png) ### Woodlands Drive 17 EC Launch ![Woodlands Drive 17 EC Launch](https://decouplingexpertise.sg/wp-content/uploads/2024/09/Screenshot-9.png) ### Relocation of Singapore Sports School for more housing in Woodlands ![Relocation of Singapore Sports School for more housing in Woodlands](https://decouplingexpertise.sg/wp-content/uploads/2024/09/Screenshot-8-1024x689.png) ## Summary of Norwood Grand as an Investment property From a risk reward perspective, If you are considering the purchase of Norwood Grand strictly for investment. It is similar to purchasing a unit in J’den during launch, but with the threat of cheaper resale ECs in the area. You must have the holding power to wait for the following factors to be fulfilled for significant price appreciation - Price convergences between resale EC and Norwood Grand - New private condo launches in Woodlands setting new benchmark prices to purchase Norwood Grand’s prices upwards - More amenities being constructed in the Woodlands area to be realised as part of the Woodlands regional centre transformation. ## Latest Floor Plan ![Norwood Grand - Floor Plan - 1 Bedroom Plus Study](https://decouplingexpertise.sg/wp-content/uploads/2024/10/Norwood-Grand-Floor-Plan-1-Bedroom-Plus-Study.png) Floor Plan – 1 Bedroom Plus Study ![Norwood Grand - Floor Plan - 2 Bedroom](https://decouplingexpertise.sg/wp-content/uploads/2024/10/Norwood-Grand-Floor-Plan-2-Bedroom-.png) Floor Plan – 2 Bedroom ![Norwood Grand - Floor Plan - 2 Bedroom + Ensuite Study](https://decouplingexpertise.sg/wp-content/uploads/2024/10/Norwood-Grand-Floor-Plan-2-Bedroom-Ensuite-Study.png) Floor Plan – 2 Bedroom + Ensuite Study ![Norwood Grand - Floor Plan - 2 Bedroom + Study](https://decouplingexpertise.sg/wp-content/uploads/2024/10/Norwood-Grand-Floor-Plan-2-Bedroom-Study.png) Floor Plan – 2 Bedroom + Study ![Norwood Grand - Floor Plan - 3 Bedroom - Type C1](https://decouplingexpertise.sg/wp-content/uploads/2024/10/Norwood-Grand-Floor-Plan-3-Bedroom-Type-C1.png) Floor Plan – 3 Bedroom – Type C1 ![Norwood Grand - Floor Plan - 3 Bedroom Plus Study Premium](https://decouplingexpertise.sg/wp-content/uploads/2024/10/Norwood-Grand-Floor-Plan-3-Bedroom-Plus-Study-Premium.png) Floor Plan – 3 Bedroom Plus Study Premium ![Norwood Grand - Floor Plan - 4 Bedroom Deluxe Plus Study](https://decouplingexpertise.sg/wp-content/uploads/2024/10/Norwood-Grand-Floor-Plan-4-Bedroom-Deluxe-Plus-Study.png) Floor Plan – 4 Bedroom Deluxe Plus Study ![Norwood Grand - Floor Plan - 4 Bedroom Premium Plus Study](https://decouplingexpertise.sg/wp-content/uploads/2024/10/Norwood-Grand-Floor-Plan-4-Bedroom-Premium-Plus-Study.png) Floor Plan – 4 Bedroom Premium Plus Study ## Looking for a competitive edge when selecting a new launch condo ? You will need to marry both head knowledge with ground knowledge. By ploughing through this 9 page article, you would have gained significant head knowledge on what kind of condo development you should be looking at. But the recipe to a successful real estate purchase is often the marrying of 2 components. Head knowledge and experienced on-ground execution. The next step to take will be to get someone to shortlist actual units that fit your budget, selection criteria and to take you through the groundwork of visiting all these units.
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