Buyers snap up 270 units | Prive EC

Outside Prive EC Showroom

BUYERS have flocked to the latest in a spate of executive condominium (EC) launches, snapping up 270 homes - more than one-third of those on offer - on the first day of sales of the Punggol project.

Launches of ECs, an upmarket hybrid of public and private housing, are coming fast and furious after a five-year drought.

The NTUC Choice Homes Cooperative's 680-unit EC project Prive at the junction of Punggol Field and Punggol Road is the third EC in the past couple of months with another possibly on the way this month and more likely next year.

The average price for the project is $660 per sq ft to $690 per sq ft (psf). It had received 1,036 applications as at Tuesday.

With the Prive sales on day one on Friday, it means nearly 1,000 EC units have been sold in the recent flurry.

Before this year's launches, the last EC launch was La Casa in Woodlands in 2005.

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Source from Straits Time

Property is hot as Prive launch shows

SINGAPORE - The latest executive condominium (EC) project in Singapore - and the first in Punggol - saw crowds of potential home buyers on the first day of its launch (picture).

As at 8.30pm on Friday, more than 260 applications were received. 

Market watchers predict that demand for the property will be strong, continuing the renewed interest in this type of home - a hybrid of private and public housing - since it made its comeback in October after a five-year hiatus.

Located along Punggol Field and near the MRT station, Prive is priced at $660 to $690 per sq ft. Developed jointly by NTUC Choice Homes and CEL Development, the project offers 680 units of two to four-bedrooms.

SLP International executive director (research and consultancy) Nicholas Mak said the EC was a more affordable choice for those who wanted condo facilities but not the price tag.

"Other mass market condominiums, if they are, say, located in the same proximity to Punggol MRT Station, could be priced between $800 to $900 per sq ft. So the present price of this EC seems quite attractive, especially for first-time home buyers who could enjoy the $30,000 housing grant as well." he said.

ECs are available to households earning between $8,000 and $10,000 monthly. Two ECs were launched in October: Esparina Residences in Buangkok had 425 of its 573 units snapped up within the month; for The Canopy in Yishun, it was 104 of 406 units.

On Friday, the Housing and Development Board awarded the tender for another EC, at Segar Road in Bukit Panjang, to Grand Isle Holdings for about $182 million. The estimated 570-unit development is to be completed within 48 months.

Prive was the first EC to offer a Deferred Payment Scheme: Buyers pay upfront a 5-per-cent booking fee and 15 per cent of the purchase price, with the remaining payments deferred to 2014, when the project gets its Temporary Occupation Permit.

Potential buyers whom MediaCorp spoke to said affordability and promixity to the MRT station made Prive a strong choice.

One buyer said: "With all the proper facilities at a competitive price as compared to private property, we decided to try." - Source from Today


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