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[h=2]Scorching EC market sees million dollar deals[/h]
October 29th, 2012 |
Author: Contributions
An executive condominium (EC) unit in Yishun was recently
sold for a record price of S$1.61 million, underscoring how hot this segment of
the property market is right now, according to a Savills report.
Data from the Urban Redevelopment Authority (URA) revealed that the
four-bedroom, two-storey dual key 1 Canberra penthouse developed by MCC Land was
sold in August for S$595 psf on a 2,713 sq ft area.
Inclusive of the Yishun property, over 300 new ECs have been sold above S$1
million thus far, noted Savills. Of this number, half were transacted during the
first eight months of 2012.
Healthy interest in ECs has been mainly attributed to the growing number of
affluent buyers, low interest rates, high incomes and EC buyers being immune to
the recent tightening measures.
Many owners have also pocketed big gains from lucrative deals involving
resale HDB flats; hence, “many HDB upgraders who now have more to spend on their
next property, which inevitably would be an EC”.
Savills also said there were more million-dollar ECs in the market. In
February, two sky suites at The Rainforest sized at 2,476 and 2,433 sq ft,
changed hands for S$1.58 million (S$637 psf) and S$1.56 million (S$640 psf)
respectively.
In addition, 16 EC units at The Tampines Trilliant, Arc at Tampines,
Riverparc Residence, Esparina Residences and Watercolours breached the S$1.3
million mark. Aside from good facilities and nearby amenities, ECs also attract
buyers due to their spaciousness.
Meanwhile, the government’s latest property cooling measures, capping home
loan tenures at 35 years, will have limited impact on the EC market. But the
growing demand for more expensive ECs “may raise some red flags”.
Moving forward, Savills expects EC prices to ease gradually, in view of the
competition between ECs and mass market condos. As such, “buyers may have to
exercise more prudence in their purchase of EC units priced above S$1 million
due to the risk of interest rates rising and the weakening global economy”.
.
[Source]: PropertyGuru – for the latest property news
and opinions from Singapore and around Southeast Asia, visit PropertyGuru.
.
sold for a record price of S$1.61 million, underscoring how hot this segment of
the property market is right now, according to a Savills report.
Data from the Urban Redevelopment Authority (URA) revealed that the
four-bedroom, two-storey dual key 1 Canberra penthouse developed by MCC Land was
sold in August for S$595 psf on a 2,713 sq ft area.
Inclusive of the Yishun property, over 300 new ECs have been sold above S$1
million thus far, noted Savills. Of this number, half were transacted during the
first eight months of 2012.
Healthy interest in ECs has been mainly attributed to the growing number of
affluent buyers, low interest rates, high incomes and EC buyers being immune to
the recent tightening measures.
Many owners have also pocketed big gains from lucrative deals involving
resale HDB flats; hence, “many HDB upgraders who now have more to spend on their
next property, which inevitably would be an EC”.
Savills also said there were more million-dollar ECs in the market. In
February, two sky suites at The Rainforest sized at 2,476 and 2,433 sq ft,
changed hands for S$1.58 million (S$637 psf) and S$1.56 million (S$640 psf)
respectively.
In addition, 16 EC units at The Tampines Trilliant, Arc at Tampines,
Riverparc Residence, Esparina Residences and Watercolours breached the S$1.3
million mark. Aside from good facilities and nearby amenities, ECs also attract
buyers due to their spaciousness.
Meanwhile, the government’s latest property cooling measures, capping home
loan tenures at 35 years, will have limited impact on the EC market. But the
growing demand for more expensive ECs “may raise some red flags”.
Moving forward, Savills expects EC prices to ease gradually, in view of the
competition between ECs and mass market condos. As such, “buyers may have to
exercise more prudence in their purchase of EC units priced above S$1 million
due to the risk of interest rates rising and the weakening global economy”.
.
[Source]: PropertyGuru – for the latest property news
and opinions from Singapore and around Southeast Asia, visit PropertyGuru.
.
