According to the Singapore Land Authority Website, 3 Executive Condominium Sites are set to be released this year. Executive Condominiums are hybrid private housing and are available for buyers who fulfill a set of criteria such as applying under a public scheme. Executive Condominiums are gaining popularity in Singapore as the local government subsidizes first time applicants through the CPF funding.
Riverbank at Fernvale
Amidst the strong popularity in ECs, the government has released 3 more EC sites up for tender for the developers. The 3 EC sites will be able to yield a total of 1,680 homes. The 3 sites are located in Choa Chu Kang, Canberra Drive and Anchorvale Crescent. A note that the Choa Chu Kang Site is on the reserved list. It essentially means that the land is not up for tender yet but the government will released the site for sale should it receive a minimum commitment bid that is acceptable by the government.
Many real estate consultants continue to see good demands in ECs as well as more affordable condos such as Riverbank at Fernvale will be privatized after 10 years from the date which the owners receive the keys. Analyst also see great demand in the Sembawang Canberra EC site as there are no other ECs in the vicinity except Skypark Residences by JBE Holdings. Skypark Residences was launched in November and have received great responses from buyers.
The recent government measures on property have prompt more buyers to be sensitive to pricing. Many sets of data has shown that properties with a lower quamtum or with a more affordable pricing tends to be taken up first. Therefore, ECs tend to have a high take up rate as its pricing its 20-30 percent lower than private condos in the same vicinity.
Riverbank New Launch
Riverbank at Fernvale located in Sengkang West Way will also receive great response from the masses. This is because the condo’s selling price will be cheaper than its vicinity due to the price which the developer bid for the land.