Executive Condominium Price Palatable

SINGAPORE – Sim Lian Group today (March 2) announced an average price of S$755 psf for the Wandervale Executive Condominium (EC) at Choa Chu Kang, in what some analysts say is “more palatable” considering the current market sentiment.

Wandervale EC is the first executive condominium to be launched this year, with prices starting from S$655,000 for a three-bedroom unit, S$753,000 for a three-bedroom premium unit and S$896,000 for a four-bedroom unit. Upcoming executive condo also include The Visionaire EC, Parc Life EC while existing ones include The Terrace EC, Brownstone ECWaterwoods EC, Signature at Yishun, Skypark Residences, The Vales EC, The Criterion ECBellewaters EC, Bellewoods EC.

“In terms of pricing, definitely it’s more palatable than before. It’s realistically priced to reflect the change of market sentiment. Given that the price is quite realistic, it could see some pent up demand, probably from second-time buyers,” said Ms Christine Li, director of research at Cushman and Wakefield.

Located near Choa Chu Kang MRT station, Wandervale saw a subscription rate of about 1.47 times during its 11-day e-application period, which ended on February 28. The 534-unit development received a total of 783 e-applications.

Larger units, namely the three-bedroom premium and four-bedroom units, were the more popular options amongst potential homebuyers, Sim Lian said last week after the e-application period.

Wandervale’s average price is about 5-7 per cent lower than Sol Acres’, which — with an August 2015 launch — is the next newest EC in Choa Chu Kang, noted Mr Ku Swee Yong, chief executive of real estate agency Century 21.

Mr Ku also noted that although the income ceiling for ECs was raised by S$2,000 to S$14,000 right after Sol Acres was launched, the pace of sales for the 1,327-unit development has remained slow. As of end-January, 378 units at Sol Acres have been sold, with another 949 units remaining unsold.

Turning to Wandervale, Mr Ku said: “I would think that unless the pricing is a lot more attractive, the pace of sales will be slow and steady.”

The balloting and booking date for Wandervale is March 5. The Temporary Occupation Permit (TOP) is scheduled to be received by 2019.

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