Wednesday, May 09, 2012

Watercolours EC nearly twice oversubscribed

The newly launched executive condo (EC) development, Watercolours (pictured), has seen strong buyer interest and is nearly two times oversubscribed.

Surpassing the 416 units that could be booked starting 1 June, e-applications have already totalled 807 as of yesterday, said Jeffrey Hong, Chief Executive of GPS Alliance.

Launched on 1 May, the development in Pasir Ris is being developed by Huge Development, a tie-up between Ho Lee Group, GPS Alliance Development and Investment, UE E&C and Evia Real Estate.

Property consultants expect to see strong interest for the projects, as prices are comparable and even lower than Pasir Ris One, a Design, Build and Sell Scheme (DBSS) project located nearby, which is being developed by SingXpress Land.

A three-room, 700 sq ft unit was priced between S$390,000 and S$490,000 while a five-room, 1,130 sq ft unit is sold for S$650,000 to S$770,000. As e-applications closed last week, the project was also oversubscribed.

On the other hand, average indicative prices at the Watercolours were between S$680 psf and S$720 psf. A two-bedroom, 743 sq ft EC unit is priced from S$500,000 to S$600,000 while a three-bedroom, 915 sq ft unit goes for S$600,000 to S$700,000.

In addition, three-bedroom and four-bedroom dual-key units are also available.

Mohamed Ismail, Chief Executive Officer of PropNex Realty, said that the strong take-up rate did not come as a surprise. “Pasir Ris is an established estate, and there will be a pool of HDB upgraders who feel Watercolours could provide a lifestyle they desire.”

View the original article here

Source From Property Guru

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