5000 executive condos to be launched in 2015

Reported recently an estimated 5000 executive condominiums (EC) or about 8 projects are slated to be launched this year, the concern is whether the upcoming supply will pose a negative impact to the current unsold inventory with developers having little room to adjust prices downwards at sites bought at fairly high prices.

What are ECs? And how will upcoming ECs fair and differentiate themselves from existing EC developments,

Executive condominium were introduced in 1997 to cater to Singaporeans, especially young graduates and professionals who can afford more than an HDB flat but find private property to be out of their reach. They are comparable in design and facilities to private condominiums and ECs are developed and sold by private developers. They are also subjected to a minimum occupation period and a housing loan cap of 30% , and these units become full fledged condominium after 10 years.

As to how developers will differentiate themselves, one of which Koh Brothers who will be launching Westwood Residences, comprising 480 units, near the energy of the Jurong Lake District, have come up with a novel idea positioning the development as the 1st ever bike themed development to be built in Singapore. It is constructing the 1st ever outdoor mini velodrome within the estate for residents and the facilities covers a range of bike, water and themed facilities inspired by the philosophy of balanced healthy living for all 3 generations.

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Another EC development Brownstone at Canberra Link by CDL, launching around July, will comprises eight 10 to 12-storey blocks with an estimated 636 units, next to upcoming Canberra MRT Station (ready by 2019), hence residents will stand to gain in convenience and future capital appreciation. As CDL is well known for introducing green building features to its developments, hence for Brownstone, developer will be applying the use of PPVC in the world for a large-scale residential project ” The extensive use of PPVC for this EC project is ideal due to its modularity of units which we have embraced from the design stage..

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The Land Transport Authority (LTA) has awarded a $90 million contract to construct the Canberra MRT station on the North South Line (NSL) to China State Construction Engineering, media reports said.  Canberra station will be situated between the Yishun and Sembawang stations along Canberra Link. It will serve residents of nearby estates like Sembawang Springs, along with upcoming public and private residential developments within the area. Commuters travelling to Jurong East or the city centre will save up to 10 minutes of travel time once the station opens since they will no longer have to take a bus transfer to Yishun or Sembawang MRT stations. Canberra station is Singapore’s second MRT station to be built on an existing rail line, with the first being Dover station which opened in 2001.

Another 2 ECs coming on will be Sol Acres at Choa Chua Kang Grove by MCL and Vales in Anchorvale Crescent, Yishun Street 51, Sembawang Avenue, Choa Chu Kang Drive, and Sembawang Road/Canberra Link, all these ECs coming on stream will attract a resale levy for the 2nd timers. However, 2nd timers are not required to pay the levy if they apply to buy EC units in projects that were launched before 9 December 2013, some of the projects are Skypark Residences in Sembawang, Forestville and Twin Fountain in Woodlands and Amore in Punggol.

For more info on upcoming ECs or existing ECs, and for e-brochure, click http://www.newcondolaunchsg.com/contact-me/