New Buangkok EC attracts keen interest
300 at showflat viewing of first new executive condo project in 5 years
By Esther Teo
HOME buyers showed keen interest at a viewing of Esparina Residences near Buangkok MRT Station yesterday - the first new executive condominium (EC) up for sale in five years.
Despite light rain, more than 300 potential buyers visited the showflat yesterday, with 220 registering interest in a ballot next Friday to book a preferred unit.
They came in droves even though new rules allow the so-called sandwich class - households earning between $8,000 to $10,000 - to also buy the cheaper design, build and sell scheme (DBSS) flats.
The EC is among the first new housing projects to hit the market since new rules unveiled in August to curb speculation.
Experts say the keen interest was due to the limited supply of ECs, pent-up demand from first-time home buyers, and affordable price tags for smaller units.
These flats boast condo-like facilities and were once the only way the sandwich class - ineligible for build-to-order (BTO) flats - could buy new HDB flats.
But they can now buy DBSS flats after the Government raised the income cap for these homes to $10,000. The last DBSS project launched was Parc Lumiere in Simei in April last year.
Esparina developer Frasers Centrepoint Homes said many of those visiting yesterday were young couples, young families and professionals under 40.
The 99-year leasehold project with 573 units will be the first EC launched since Far East's La Casa in Woodlands in 2005. Units range from 829 sq ft for a two-bedroom flat to 2,583 sq ft for a four-bedroom penthouse, with prices ranging from $730 to $750 per sq ft on average, Frasers said.
Two-bedders will be sold for between $590,000 and $723,000, three-bedders for between $697,000 and $981,000, and four-bedders at $1.005 million to $1.181 million. Penthouse prices will range from $864,000 to $1.3 million.
Frasers will also offer 71 dual-key units - a studio attached to either a two- or three-bedder - to cater to extended families who want to live close together.
Frasers chief operating officer Cheang Kok Kheong said the keen interest was driven by a sandwich class aspiring to the lifestyle element that an EC offers: 'The sandwich class is very interesting because with their income at $10,000, they must be rising up the corporate ladder somehow, or having their own businesses, so their expectations are high but yet they want something to start with first.'
Although up to 30 per cent might be interested in DBSS flats, the other 70 per cent like condo facilities, and this would sustain demand, Mr Cheang said.
ERA Asia-Pacific associate director Eugene Lim said that demand was expected to be strong since it was the logical and affordable choice for the sandwich class.
'DBSS flats might be priced lower but they lack facilities; an EC is more lifestyle-driven and many home buyers aspire to live in condos,' he added.
But one industry player said that the pricing of Esparina was on the high side. ECs are usually about 20 per cent below private condos to make up for their sale restrictions, he said. 'With NV Residences in Pasir Ris selling at $830 psf, the pricing here might not be that attractive.'
One potential buyer, who wanted to be known only as Mrs Ong, said she and her husband of two years will apply for Esparina's ballot as they had been unable to get a flat through the BTO scheme. They are now above the $8,000 income ceiling.
'Compared with an HDB resale flat, we feel an EC provides more value for money,' she said, adding the facilities would be good as they have a child.
esthert@sph.com.sg
More than 300 attended an Esparina Residences viewing yesterday, even though new rules allow the 'sandwich' class to also buy design, build and sell scheme flats. -- ST PHOTO: CHEW SENG KIM
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