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Do you know about - Executive Condominiums (ECs) in Singapore - 2010 and 2011
Condos For Sale! Again, for I know. Ready to share new things that are useful. You and your friends.Prior to 2010, the last executive condominium, or EC, in Singapore was launched in 2005. Thereafter there was a lull as supply of housing in general caught up with demand. With a shortage of housing in the late 2000's however, the Singapore government relaunched the sale of residential sites for a slew of new ECs to be built.
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We had a good read. For the benefit of yourself. Be sure to read to the end. I want you to get good knowledge from Condos For Sale.The first batch launched comprised 4 ECs located mainly in the North-East and North of Singapore. They were Esparina Residences, The Canopy, Prive, and Austville. This article looks at how enthusiastically each of these was received based on anecdotal evidence of their rate of sales.
Esparina Residences @ Buangkok
This was the first of the 4 to be launched, in October 2010, and had many factors in its favor, not least of which was first mover advantage. Being the first, it tapped an eager market that included many who had been applying endlessly and unsuccessfully for BTO after BTO (Built-To-Order public housing flats). This pent up demand was released in a flood, that saw 344 units out of the 573 available being snapped up in the first day of sales alone.
On top of that, Esparina Residences is the closest to an MRT station. Buangkok station is just 3 minutes walk away. It is in close proximity to a 24-hour supermarket and food court. The finishes are nice. The developer, Frasers Centrepoint, has a reputation for quality, with many high-end projects in its stable.
It was hardly surprising therefore, that Esparina sold at the fastest rate of the four, inspite of being the most expensive. The big units sold out within a couple of months. Only a handful of 2 bedroom units are left, as people who buy ECs generally look for at least 3 bedrooms, since only families (not singles) are eligible to buy them, and they cannot be rented out in the first 5 years.
Since the last of the 3 and 4 bedroom units sold out, there have been many requests for these unit types at Esparina from new prospective buyers.
The Canopy @ Yishun
Canopy is located at Yishun in the north and was launched not long after Esparina. Unlike Esparina, it is not close to an MRT station. Perhaps that accounts for why it sold at a much slower pace, despite having the advantage of a yard (so indispensable to Singaporeans for drying clothes, and so overlooked by local condo developers! Singaporeans are just not into using a dryer when the sun is free and hot).
To date it still has some large units available, though mainly on the mid and lower floors.
Prive @ Punggol
Prive has turned out to be the second most popular after Esparina. Possibly because it is the second closest to an MRT station. Not only 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 less than 10 minutes walk away.
Prive was launched in December 2010 at a lower price than Esparina, and similarly priced to Canopy. In the first day of sale alone, it moved 270 units and quickly overtook Canopy's sales. To date it has sold over 90% of its 680 units, leaving only a handful of the 2 and 2 + study units, and less than 10 of the 3 bedroom units.
Austville @ Sengkang
Austville was the last of the 4 to be launched, coming out in mid-December 2010. While it is not near an MRT station, it is within 3 minutes walk of Kangkar LRT station and 5 minutes from Rivervale Plaza. Its facilities are built around an Australian theme which prospective buyers in general seem to like.
Its rate of sales appear to be similar to those at Canopy, perhaps because demand in Sengkang had been blunted by then. It still has a pretty fair choice of units 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 include Belysa EC at Pasir Ris Drive 1 and the ECs at Bukit Panjang and Tampines (near Temasek Polytechnic).
Belysa EC, the Pasir Ris EC, will be the first there after more than 5 years. It is quite a small one, with only about 300+ units. There should be a fair bit of demand from this region, and with not many units available, the developer NTUC ChoiceHomes and CEL (responsible also for Prive) should not have much problem moving its stock. Much of course, will depend on the pricing.
Next to be launched will be the EC at Bukit Panjang that will cater to the many in the west of Singapore who have been waiting a long time for one. Similarly the Tampines EC should appeal to the die-hard Tampines fans in the east.
Note: The above opinions are the author's own, based on anecdotal evidence and personal experience, and is not meant to be construed as advice for investment or otherwise.
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