Yishun executive condo previews this weekend with units at around $650-$700 psf
Published October 5, 2010
By UMA SHANKARI
MCC Land (Singapore), a unit of Chinese state-owned enterprise Metallurgical Corporation of China or MCC Group, intends to launch all the units at one go at prices of around $650-$700 per square foot (psf).
The 99-year leasehold project at at Yishun Avenue 11 will have 2-bedroom, 2+1-bedroom, 3-bedroom, 3+1-bedroom, 4-bedroom and penthouse units ranging from around 870 sq ft to 2,200 sq ft, MCC Land said.
The launch comes as the first EC development to be offered to homebuyers since end-2004, Esparina Residences at Sengkang, continued to see buoyant showflat turnout since applications opened last Thursday.
Applications continued to come in thick and fast over the weekend.
Developer Frasers Centrepoint has received close to 1,000 applications for the 573-unit development as of Sunday.
'If sales (at Esparina Residences) pan out well, we expect stronger demand for another upcoming EC at Yishun (the 406-unit The Canopy) which is priced lower at $650 psf,' said DMG & Partners Research analyst Brandon Lee.
Units at Esparina Residences are priced from $730 to $750 psf on average.
ECs are a hybrid of public and private housing. New EC units are sold with initial eligibility, ownership and resale restrictions similar to public housing, but these restrictions cease to apply after 10 years.
In contrast to the buoyant EC segment, market watchers said that buyer interest in mass market private homes has waned somewhat since the government introduced fresh measures to cool the property market on Aug 30.
Hoi Hup and Sunway have sold around another 20 units of their freehold Kembangan project Vacanza @ East over the last week, taking total sales in the project to 110 units of the 141 units released. The project has 473 units in all.
And over at Pasir Ris, City Developments also said yesterday that it sold another 23 units at NV Residences last week - taking total sales as of Sunday to 358 out of 400 units released in the 642-unit development.
CityDev previewed the 99-year leasehold development on Sept 8 at an average price of $830 psf but later raised prices by about 1-2 per cent.
Source: http://www.businesstimes.com.sg
