First EC Project After Raised Income Ceiling Rules Opens for Bookings at Yishun

SINGAPORE: The first executive condo (EC) project to be launched since the Government raised the qualifying income ceiling from S$12,000 to S$14,000, opened for bookings on Saturday (Sep 26).

Called Signature at Yishun, the project’s developer said about 20 per cent of its units have been sold as of 5pm.

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“There are buyers whose income is more than S$12,000. The percentage I would estimate is 20 per cent of our total sales,” said JBE Holdings CEO Patrick Lam. “This year is Singapore’s SG50 celebrations. We wish to assist buyers to achieve their dream home at affordable prices.”

The project at Yishun Street 51, had received 507 online applications. There are 525-units on offer, and the developer said the bulk of the apartments sold are three and four room units. Two-room flats are also available.

The project is going at around S$750 per square foot (psf), lower than the average of about S$800 psf for other ECs.

While the developer said the response is encouraging, one analyst suggested the application rate of just under one buyer per unit is a “clear indication” that the market is weak, considering the price and the fact that income ceilings have been raised by about 16 per cent.

Century 21 CEO Ku Swee Yong said: “Perhaps the market is weak partly due to the global environment and stock market, the currency situation not being very favourable. But some of the buyers may also be concerned about interest rates that are continuing to rise as well as their employment security.

“Furthermore, in the next few months we can expect a few more EC launches, plus the existing launched but unsold stock of about 4,000 over units. I think that will allow buyers to go around Singapore to look for whatever is the most suitable.”

Another EC project in Yishun – The Criterion EC – also began online applications on Thursday.