Before 2010, the last sengkang executive condo, or EC, in Singapore was launched in 2005. Thereafter there was a lull as provide of housing generally caught up with demand. Having a shortage of housing inside the late 2000’s even so, the Singapore government relaunched the sale of residential web pages for a slew of new ECs to become constructed.
The first batch launched comprised four ECs positioned primarily within the North-East and North of Singapore. They were Esparina Residences, The Canopy, Prive, and Austville. This short article looks at how enthusiastically each and every of these was received based on anecdotal evidence of their rate of sales.
Esparina Residences @ Buangkok
This was the first in the 4 to become launched, in October 2010, and had many things in its favor, not least of which was first mover benefit. Being the first, it tapped an eager market that integrated quite a few who had been applying endlessly and unsuccessfully for BTO right after BTO (Built-To-Order public housing flats). This pent up demand was released inside a flood, that saw 344 units out on the 573 out there getting snapped up within the initial day of sales alone.
On leading of that, Esparina Residences would be the closest to an MRT station. Buangkok station is just 3 minutes stroll away. It’s in close proximity to a 24-hour supermarket and food court. The finishes are nice. The developer, Frasers Centrepoint, features a reputation for top quality, with many high-end projects in its stable.
It was hardly surprising for that reason, that Esparina sold in the fastest rate in the four, inspite of being by far the most high priced. The major units sold out within a few months. Only a handful of two bedroom units are left, as folks who obtain ECs commonly appear for a minimum of three bedrooms, due to the fact only families (not singles) are eligible to get them, and they can’t be rented out inside the initial five years.
Given that the final of the three and four bedroom units sold out, there have been many requests for these unit forms at Esparina from new prospective purchasers.
The Canopy @ Yishun
Canopy is situated at Yishun in the north and was launched not long right after Esparina. As opposed to Esparina, it’s not close to an MRT station. Possibly that accounts for why it sold at a considerably slower pace, in spite of possessing the benefit of a yard (so indispensable to Singaporeans for drying clothing, and so overlooked by nearby condo developers! Singaporeans are just not into making use of a dryer when the sun is totally free and hot).
To date it still has some substantial units obtainable, even though mostly around the mid and reduce floors.
Prive @ Punggol
Prive has turned out to be the second most well-known soon after Esparina. Possibly since it is actually the second closest to an MRT station. Not simply that, it is also within walking distance to a town centre. Punggol MRT station, and in future, the town centre with its malls and amenities, are significantly less than ten minutes walk away.
Prive was launched in December 2010 at a decrease cost than Esparina, and similarly priced to Canopy. Inside the first day of sale alone, it moved 270 units and rapidly overtook Canopy’s sales. To date it has sold over 90% of its 680 units, leaving only a handful on the 2 and 2 + study units, and less than ten from the three bedroom units.
Austville @ Sengkang
Austville was the last on the four to be launched, coming out in mid-December 2010. Even though it’s not close to an MRT station, it can be inside 3 minutes walk of Kangkar LRT station and five minutes from Rivervale Plaza. Its facilities are constructed around an Australian theme which potential purchasers generally look to like.
Its price of sales seem to be equivalent to those at Canopy, possibly simply because demand in Sengkang had been blunted by then. It nonetheless has a fairly fair selection of units readily available.
Upcoming ECs
A new slate of ECs is set to be launched this year, this time scattered further afield. Executive condos scheduled for launch in the near future contain Belysa EC at Pasir Ris Drive 1 and the ECs at Bukit Panjang and Tampines (close to Temasek Polytechnic).
Belysa EC, the Pasir Ris EC, is going to be the first there after greater than five years. It’s very a little a single, with only about 300+ units. There need to be a fair bit of demand from this area, and with not numerous units readily available, the developer NTUC ChoiceHomes and CEL (responsible also for Prive) should really not have significantly problem moving its stock. Considerably needless to say, will depend on the pricing.
Next to be launched will likely be the EC at Bukit Panjang that can cater for the numerous inside the west of Singapore that have been waiting a lengthy time for a single. Similarly the Tampines EC ought to appeal towards the die-hard Tampines fans within the east.
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Note: The above opinions are the author’s personal, determined by anecdotal proof and private practical experience, and will not be meant to become construed as assistance for investment or otherwise.
For additional around the next upcoming new executive condo, see Belysa EC.
The author has 30 years functioning encounter inside the Singapore building market, and is definitely the webmaster of a Singapore Property site that gives prospective house investors and homebuyers with detailed information and facts about new condominiums along with other home launches in Singapore.