Before 2010, the last EC or executive condominium in Singapore was launched for sale in 2005. There followed a lull subsequently. In recent years however, a shortfall of housing has again emerged, causing the Singapore government to relaunch the sale of EC sites.
The first four of these are located mainly in the North and North-East of Singapore. They were, in order of launch, Esparina Residences, The Canopy, Prive, and Austville Residences. This article looks at how well each has fared in the market.
Esparina Residences @ Buangkok
This was launched in October 2010 and had the advantage of coming out first, thus releasing a dam of pent-up demand. It sold 344 out of the 573 units in the development on the first day of launch alone.
Quite apart from that however, it has many attractive features in its favour. It is the closest to an MRT station. Buangkok MRT station is a bare 4 minute walk away, and located next to a 24-hour food centre and supermarket. The finishes are of a high quality, and the spa-theme (with 7 spas in this project!) appeals to its target audience of young professionals.
Esparina sold the quickest especially the bigger units, inspite of the largest ones costing around SGD$1,000,000. This is no mean feat when one considers that buyers of ECs are restricted to households earning no more than SGD$10,000 a month, as the sale of executive condominiums is subject to public housing rules. It is currently over 95% sold, with only a few 2-bedroom units left, as 2-bedders are not so popular with families. (Singles are not allowed to buy ECs.)
Canopy @ Yishun
The Canopy is situated in Yishun and was launched for sale not long after Esparina. It moved at a slower pace, and is currently about 75% sold. This could be mainly due to its location, which appears to be perceived as not as desirable, as it is not within easy walking distance of an MRT station. Still, it has its takers, especially as it is priced the most competitively of the 4 ECs, at around $660 psf.
The Prive @ Punggol
Prive has turned out to be the 2nd most saleable after Esparina. This could be due to its location, which is the 2nd closest to an MRT station after Esparina. It is also within 10 minutes walk to the future Punggol Town Centre, with the promise of all the necessary amenities that brings.
Prive was launched for sale in December 2010. On the first day of the launch alone, it sold 270 units and quickly overtook sales at Canopy. To date it has sold 95% of the 680 units in the development.
Austville Residences @ Sengkang
Austville Residences was launched last of the 4, previewing in mid-December 2010. It is not near an MRT station, but is within 4 minutes walk of Kangkar LRT station which is just a short ride from Sengkang Interchange MRT station. It is also a short walk from shops and a small mall and supermarket.
It appears to be moving at around the same pace as Canopy, and is currently over 40% sold.
Upcoming Executive Condos Launches
A new slew of ECs is set to be launched this year, but in other parts of Singapore. These include Belysa EC in Pasir Ris and the ECs at Senja in Bukit Panjang and Tampines (near the Temasek Polytechnic).
Belysa, the Pasir Ris EC, will be the first to be launched there after 9 years. It will have 315 units, and possibly even sea views. On top of that, it is just a short distance from Pasir Ris park and beach, which is popular among picnickers, joggers and cyclists. There appears to be quite a bit of interest in this EC, not least from plane crew and those working in the nearby Changi Airport, as well as from the surrounding Changi and Tampines Business Parks. But how well it eventually sells will depend on the pricing.
Next on the list is the EC at Bukit Panjang that will tap demand in the west of Singapore. Similarly the EC at Tampines will cater to those who simply must stay in that estate, whether for proximity to parents or their workplaces.
Note: The above opinions are the author's own, based on personal experience and anecdotal evidence, and is not meant as advice for investment or otherwise.
The first four of these are located mainly in the North and North-East of Singapore. They were, in order of launch, Esparina Residences, The Canopy, Prive, and Austville Residences. This article looks at how well each has fared in the market.
Esparina Residences @ Buangkok
This was launched in October 2010 and had the advantage of coming out first, thus releasing a dam of pent-up demand. It sold 344 out of the 573 units in the development on the first day of launch alone.
Quite apart from that however, it has many attractive features in its favour. It is the closest to an MRT station. Buangkok MRT station is a bare 4 minute walk away, and located next to a 24-hour food centre and supermarket. The finishes are of a high quality, and the spa-theme (with 7 spas in this project!) appeals to its target audience of young professionals.
Esparina sold the quickest especially the bigger units, inspite of the largest ones costing around SGD$1,000,000. This is no mean feat when one considers that buyers of ECs are restricted to households earning no more than SGD$10,000 a month, as the sale of executive condominiums is subject to public housing rules. It is currently over 95% sold, with only a few 2-bedroom units left, as 2-bedders are not so popular with families. (Singles are not allowed to buy ECs.)
Canopy @ Yishun
The Canopy is situated in Yishun and was launched for sale not long after Esparina. It moved at a slower pace, and is currently about 75% sold. This could be mainly due to its location, which appears to be perceived as not as desirable, as it is not within easy walking distance of an MRT station. Still, it has its takers, especially as it is priced the most competitively of the 4 ECs, at around $660 psf.
The Prive @ Punggol
Prive has turned out to be the 2nd most saleable after Esparina. This could be due to its location, which is the 2nd closest to an MRT station after Esparina. It is also within 10 minutes walk to the future Punggol Town Centre, with the promise of all the necessary amenities that brings.
Prive was launched for sale in December 2010. On the first day of the launch alone, it sold 270 units and quickly overtook sales at Canopy. To date it has sold 95% of the 680 units in the development.
Austville Residences @ Sengkang
Austville Residences was launched last of the 4, previewing in mid-December 2010. It is not near an MRT station, but is within 4 minutes walk of Kangkar LRT station which is just a short ride from Sengkang Interchange MRT station. It is also a short walk from shops and a small mall and supermarket.
It appears to be moving at around the same pace as Canopy, and is currently over 40% sold.
Upcoming Executive Condos Launches
A new slew of ECs is set to be launched this year, but in other parts of Singapore. These include Belysa EC in Pasir Ris and the ECs at Senja in Bukit Panjang and Tampines (near the Temasek Polytechnic).
Belysa, the Pasir Ris EC, will be the first to be launched there after 9 years. It will have 315 units, and possibly even sea views. On top of that, it is just a short distance from Pasir Ris park and beach, which is popular among picnickers, joggers and cyclists. There appears to be quite a bit of interest in this EC, not least from plane crew and those working in the nearby Changi Airport, as well as from the surrounding Changi and Tampines Business Parks. But how well it eventually sells will depend on the pricing.
Next on the list is the EC at Bukit Panjang that will tap demand in the west of Singapore. Similarly the EC at Tampines will cater to those who simply must stay in that estate, whether for proximity to parents or their workplaces.
Note: The above opinions are the author's own, based on personal experience and anecdotal evidence, and is not meant as advice for investment or otherwise.
No comments:
Post a Comment