Weekend sales for ECs slow
By Joyce Teo
WEEKEND sales for executive condominiums (ECs) slowed somewhat after a burst of excitement last Friday when the first new EC in five years went on sale.
Still, experts expect demand for ECs - a hybrid between public and private housing - to remain relatively strong.
The 406-unit EC project The Canopy in Yishun Avenue 11 has attracted 250 applicants since viewing started last Friday. Prices are from $600 to $700 per square foot (psf) and bookings start this Saturday.
This response seems less enthusiastic than that for the recently launched EC project Esparina Residences in Sengkang, though an industry source noted the latter - near an MRT station - is better located.
Last Friday, buyers had snapped up 344 units of Esparina, near Buangkok MRT station. Another 20 units of the 573-unit project were sold over the weekend, said developer Frasers Centrepoint.
It had received 1,155 applicants in all. Prices are from $730 to $750 psf.
New ECs have initial sale restrictions similar to those for other public housing, and they are cheaper than new mass market condos.
On the private condo front, Far East Organization released 110 units of The Lanai in Hillview Avenue at a preview over the weekend and has sold 76 units, including a bulk buy.
The 999-year leasehold condo is priced from $1,290 psf and will be launched this weekend, it said.
At the freehold Vacanza@East in Lengkong Tujoh, another 20 units or so were sold over the weekend, taking total sales to 130 units, said Hoi Hup Sunway.
The 473-unit project started its preview late last month, when it moved nearly 90 units. It is priced at slightly more than $1,000 psf on average.
'The effect of the property measures has sunk in. Investors are a bit more cautious,' said Cushman and Wakefield managing director Donald Han.
'Speculators are out, so that took some wind out of the market. The good thing is we have not seen prices coming down.'
The Government implemented measures to cool the market on Aug 30.
Mr Han said developers will now take a longer period to sell units. 'It's all about pricing. Prices in some locations may come down slightly but overall, it's going to be a flat fourth quarter.'
While buyers snapped up 344 units of Esparina Residences (above) in Sengkang last Friday, the response for The Canopy in Yishun seems less enthusiastic. -- PHOTOS: THE CANOPY, FRASERS CENTREPOINT HOMES
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