Wednesday, November 28, 2012

EC demand still hot

Executive condominiums (ECs) are arguably one of the most popular properties this year, underlined by strong demand for the latest new launches, reported The Straits Times.  


According to property experts, recent bids for EC sites underscore optimism for the housing segment. Mohamed Ismail, Chief Executive of PropNex, said that interest for ECs is strong, particularly for projects in mature estates like Tampines.


“They are still 20 to 25 percent cheaper than mass market condos and cater to the aspirations of Singaporeans.”


The appetite for ECs remains positive because buyers believe their capital appreciation is more promising than other properties, noted Steven Tan, Managing Director at OrangeTee.


Since ECs were re-introduced in 2010, about 7,100 units have been taken up. Many of these projects were either sold out or in some cases; fewer than 10 units were left. The best-selling projects were Esparina Residences in Buangkok, Belysa in Pasir Ris and Prive in Punggol.


Five other projects including 1 Canberra in Yishun and Watercolours in Pasir Ris had about 780 units left at the end of October.


Moving forward, the EC market will remain robust with at least seven new projects under construction or in the pipeline in Woodlands, Pasir Ris and Punggol. Notably, The Topiary in Seletar Hills, CityLife@Tampines (pictured) and Forestville in Woodlands are expected to be released before Christmas.


Under the Government Land Sales (GLS) Programme, there are also on-going tenders for two EC sites in Punggol and Sembawang. In total, there are nine upcoming launches.


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