Six more EC plots confirmed for year
These sites could yield a total of 3,100 units
By: Amanda Tan
FIRST-TIME home buyers and aspiring upgraders will have a wider range of executive condominium (EC) units to choose from, going by the Government's latest land sales programme.
Six plots in heartland areas such as Pasir Ris, Punggol and Sembawang are on the confirmed list for the second half of the year.
These sites could yield a total of 3,100 units, augmenting the 2,900 from five EC plots placed on the confirmed list in this half of the year.
ECs have become increasingly popular, especially after the household income ceiling for eligibility was raised last year from $10,000 to $12,000.
There were 1,557 new EC units sold in the three months to March 31, up from 608 in the same period a year ago.
Several of the new sites rolled out yesterday will have to jostle with other EC-slated sites already released.
Take the new site in Pasir Ris. Any project built on it will have to compete with the recently launched Watercolours EC.
The Punggol Way EC site will add to others in the pipeline, such as the one at Punggol Central released in the first half of this year.
ERA Realty key executive officer Eugene Lim said the best of the six new plots is the one at the corner of Pasir Ris Drive 3 and Pasir Ris Rise, as it is near the sea and lifestyle amenities.
He added: 'I don't expect the bids to be aggressive, given the number of developments under construction in the area...
'It is possible that developers will price the units competitively, but it depends on market conditions.'
Mr Lee Sze Teck, senior manager of research and consultancy at Dennis Wee Realty, noting that some of the sites are in Punggol and Sengkang, said: 'Some of the flats in these towns could be reaching the minimum occupation period of five years, and the household income of these families could have breached $10,000.
'To provide an avenue to satisfy the upgrading aspirations of these households, the Government is pushing out sites for private residential development, including ECs.'
He added that the Commonwealth Avenue plot was the choicest of the other plots slated for private projects as it is opposite the Queenstown MRT station and relatively close to town.
Mr Lee said that another site slated for commercial and residential use - in Yishun Ring Road - is also attractive 'as it plugs a gap in the neighbourhood', which has a need for amenities.
The nearest mall, Northpoint Shopping Centre, is some distance away.
Home buyer Ron Gunawardana, 32, said he would be interested in EC sites around Sembawang.
The Singaporean shipping supervisor recently considered upgrading to the newly launched One Canberra EC but wants to 'look at a few more choices before committing'.
He added: 'It's not really important whether the site is located in that neighbourhood. I'm more interested in the design of the units and facilities in the condo.'
Singapore Property News
- Upcoming Condo With Beachfront Living
17 May 2013
- UK firms flock to Asia to market London properties
17 May 2013
- No confirmed buyer for $300m Nassim property
17 May 2013
- Marina Bay set to get even livelier
16 May 2013
- Banyan Tree may spin off S-E Asia hotels into Reit
16 May 2013
- ST wins best newspaper website
29 Nov 2012
- Home sales will fall, even prices may slide
15 Jan 2013
- Cooling measures deter foreign home buyers
20 Nov 2012
- Tai Seng industrial area hots up with MRT's arrival
24 Nov 2012
- Jurong plot for hotel project draws record bid
21 Nov 2012