Developers keen to build more ECs in Sengkang

Despite the substantial quantity of unsold inventory in the executive condominium (EC) market, the numbers have been decreasing as more units sold in the last quarter, developers are picking up on the changing market sentiments and have come out in full force at the most recent land sales tender for an EC site on Anchorvale Lane. There were 16 bids in total for the site which could potentially yield 630 units.

Treasure Chest ECAs the private property market continues to show price improvements, the EC market has followed suit. Executive condominiums are a hybrid between public and private properties and more often than not, offer an almost surefire appreciation in its value after 10 years when it transits from the former to the latter. It’s initial step into the market as public housing means buyers can utilise HDB grant and subsidies to shave off part of the selling prices.

There are a number of ECs in the vicinity of this Anchorvale Lane site, namely The Vales, Bellewaters and Treasure Chest. The last sold 72 units within a week of its launch in July. However developers must be positive about the outlook of the EC market. Admittedly, the situation may change in a few years’ time and as the estate matures and becomes more popular with young families, there may also be an eventual shift in demand.

The ValesThe highest bid of $240.95 million came from Hoi Hup Realty and Sunway Developments. With this $355 psf purchase price, property analysts are expecting the developers to price their units at $820 psf and above, which is a sliver higher than other EC projects.

New executive condominiums still in demand

There has been an increase in the number of executive condominium (EC) units this year, as pent-up demand is satiated by new EC launches in the first half of the year.

Parc Life SembawangDespite the rise in supply, Fraser Centerpoint Limited’s (FCL) launch of Parc life has no doubt been met with renewed interest as more young married couples and families look to these private public housing hybrids as a potential start to their future investment. 

After a 5-year minimum-occupation-period (MOP), their values often appreciate considerably, and after a 10-year period, they are privatized and their values can rise further, especially if they are in popular districts or near schools or MRT stations. Situated in Sembawang just 5-minutes by foot from Sembawang  MRT station, bus-interchange and Sun Plaza and overlooking Canberra Park, Parc Life EC’s units start at $770 to $800 psf and feature condominium facilities such as an infinity pool, tennis courts, spas and even a pet grooming pavillion. 

All of the 628 units are spread out between 3 blocks and unit sizes range between 980 to 1,055 sq ft 3-bedders to 1,281 sq ft 4-bedders and 1,550 sq ft 5-bedders. The other EC in Sembawang which was launched recently is The Visionaire, and for looking at the response, the EC market looks set to continue its good run well into the year.

 

Treasure Chest EC holds treasures for buyers

Buyers flocked to the recent launch of the Treasure Chest executive condominium (EC) in Anchorvale Crescent, Sengkang. The gallery was swarmed with approximately 3,000 home seekers and with applications closing tomorrow, it is already 60 per cent oversubscribed by 6th July. About 48 per cent of the applicants were first-time HDB buyers while HDB upgraders made up the rest. A total of 800 applicants have thus far applied for the 504 available units.

Treasure Chest ECThe 99-year leasehold Treasure Chest EC, developed by Sim Lian, was launched on Friday, 1 July with units going at the average of $735 to $755 psf. There are a total of 535 units over eight 15-storey blocks, with apartment sizes ranging from 3-bedders to premium 3-bedders and 4-bedroom units as well. Temporary occupation of the well-situated EC is targeted for 2019, a plausible time for young couples and families with young children hoping to live near schools of their choice.

The units are fairly spacious, with premium 3-bedroom units ranging from 1, 075 sq ft to 1,249 sq ft being the most popular with buyers. The smaller 3-bedders are sized at around 958 sq ft. Developers chalk the overwhelming response up to the affordable quantum pricing scheme coupled with a good location. Treasure Chest EC is situated near the Sengkang MRT station and bus interchange.

Some of the other ECs recently launched include Wandervale in Choa Chu Kang, The Visionaire and Parc Life in Sembawang and Northwave in Woodlands.

 

 

 

Would you Woodlands?

Woodlands – This may have once been a forested area but now many call it home. Including the estates of Marsiling and Admiralty, Woodlands has HDB flats, executive condominiums (ECs) and private condominiums in its midst, not to mention a bustling regional commercial hub.

BellewoodsECSome of the condominiums standing in the district include La Casa, Woodsvale, Northoaks, The Tennery and Woodhaven. If it’s an EC you are looking for, the estate also has Bellewoods, Forestville, Twin Fountains and soon, Northwave to offer.

Under the URA Masterplan, a new Woodlands Regional Centre will feature easy and convenient links to Malaysia and also more than 700,000 sq metre of commercial spaces. New industrial spaces will also mean more jobs for the residents of Woodlands and could also translate to higher demand for rental and sale properties. The Woodlands North Coast is also in the works, aiming to bring greenery and waterfront living to the region.

woodlandsNCPhoto credit: URA

Bellewoods, an award-winning EC on Woodlands Ave 5, is one such project. It aims to bring the tranquility of green-living into the residence, with modern-day conveniences such as the woodlands MRT station and Causeway point shopping centre just next door. Developed by Qingjian Realty, Bellewoods is slated for completion next year and as it was launched before the resale levy rule was set, buyers are able to save up to $55,000 for an EC unit.

More unsold private home stock moved in April

New private home sales fell 11.6 per cent to 745 units last month, though the numbers may be considered to be decent as there were 2 major launches in March which caused a spike in sales volume, the highest in 8 months. The 268-unit The Cairnhill and 216-unit The Wisteria launched in March while the 305-unit Sturdee Residences and 48-unit The Asana launched in April.
The AsanaOlder projects however were finding favour with buyers as the number of transactions on previously launched developments rose from 541 to 619 in April. A few of these projects such as The Trilinq, have reached or will be reaching completion soon and are more of a draw for buyers who wish to move in sooner than later. Developers of some of these properties have also offered discounts and the lower prices are the icing on the cake.

Taking executive condominium (EC) units into consideration, the numbers are even higher. Approximately 400 EC units were sold. At the previously-launched The Terrace EC, the developers have put a buyer-referral scheme where both parties received $10,000 cash vouchers for successful transactions.

The TerraceProperty analysts are optimistic about the shift in tide as sales were spread evenly amongst the 15 top-selling residential projects, a sign that buyers are looking throughout the island, and not simply converging on new launches. Ironically, the government’s insistence on keeping the property cooling measures might have driven buyers back into the market as they realise the curbs may not be lifted anytime soon.

 

Property market showing signs of awakening

Sturdee-ResidenceAlthough property prices have been falling, the show of interest from the buying public has never really waned, instead they are now simply more aware of their options and have become more selective in their investments.

Signs that the market lull might be broken soon have come from the positive take-up of units in 2 recent launches at The Visionaire Executive Condominium (EC) and The Sturdee Residences. 158 units were sold the 632-unit The Visionaire EC at a median price of $811 psf while prices averaged at $1,550 psf at the 305-unit The Sturdee Residences. Buyers at the private residential project have gone mainly for the smaller one- and two-bedders though 3 of its 8 penthouses have already found new owners. Two of the 1,830 sq ft penthouse units were sold at $3.2 million each.

Gem REsidencesThe Parc Life EC and private residential project Gem Residences will launch this weekend. Private condominium Stars of Kovan is expected to launch next month. The latter is a mixed-use development consisting of 390 residential units, 5 strata terraces and 46 shops. Prices are expected to range between $1,550 to $1,600 psf. E-applications for Parc Life have already exceeded the 660 units available and there is hope that uptake will be on the uptick at both these projects.

Sembawang welcomes third EC

With The Brownstone and SkyPark Residences executive condominiums (ECs) in her midst, Sembawang looks set to become an EC town with Parc Life joining her this weekend.

The latest 628-unit addition on Sembawang Crescent will feature 2- to 5-bedroom units from 753 to 1,550 sq ft and with prices averaging between $770 to $800 psf. The project is jointly developed by Frasers Centrepoint and Keong Hong Holdings and is situated near Sembawang MRT station, just next to Canberra Park.

Parc Life Sembawang

Photo credit: Frasers Centrepoint Homes

Despite units at The Brownstone and SkyPark Residences still being available, developers of are banking on HDB upgraders from surround Yishun, Woodlands and Sembawang searching for new units in the vicinity. Home seekers looking for a transition property between public and private markets will often buy into the executive condominium segment as they can utilise grants and subsidies from the Housing Board (HDB) while leveraging on the potential of ECs. Executive condominiums will be privatised after a 10-year period.

Following the government’s raise of the household income ceiling last year from $12,000 to $14,000 for ECs, more buyers now qualify for larger, more expensive units. The developers have caught on to this fact and have introduced more 3-bedroom units, with almost 77 per cent of their 628 units being 3- or 3-plus-universal options.

In a short span of 3 months this year, 2 ECs have been launched – Wandervale in Choa Chu Kang and The Visionaire on Canberra Link. How will the public respond to upcoming launches and expected excess capacity this year?

Singapore’s future smart homes

Starting with an executive condominium (EC) in Sembawang, Singapore’s aim to become a smart nation will take shape in the smart-home units which allow home owners to remotely control household appliances such as air conditioners using their mobile devices.

The VisionaireThe 632-unit The Visionaire EC in Canberra Link will feature cutting edge technology in a partnership with Samsung. Home owners will also be able to control access of visitors, monitor their homes through cameras and control locking systems to their homes using smart devices. The features are however not compulsory, they will allow owners who are not comfortable with the features to opt out.

The executive condominium is developed by Qingjian Realty and prices look to be set between $750 to $800 psf. The units will be made available by 23rd of April and there will be a range of 721 sq ft 2-bedders to 1,581 sq ft four-bedders for buyers to choose from.

Smart Nation SingaporeOn the new-technology front, the National University of Singapore (NUS) and City Development (CDL) have also partnered up to set up 2 laboratories to research and develop energy-efficient homes with features such as noise-pollution masking, solar panels energy-harnessing and pollution-inhibiting systems. The $2.25million donation from CDL will support the NUS-CDL Smart Green Home which will be ready by December 2017.