Yet another Punggol site goes up for sale amidst encouraging interest. The latest executive condominium site to hit the market can be found at the junction of Punggol Way and Punggol Field, a stone’s throw away from the Punggol LRT and MRT stations and bus interchange, as well as the Kallang-Paya Lebar expressways.
(The new executive condo site is conveniently located close to the Punggol MRT-LRT station. Image courtesy of Mailer diablo.)
At 25,164 sq m, the site yields a maximum gross floor area of 75,493 sq m, which roughly translates to 720 units.
This comes after news of the highly successful launch of fellow Punggol executive condo, Prive in Punggol. It has since sold 95% of its units.
One insider expects the Punggol site to receive merely four to seven bids of between $284-317 million, or $350-390 per sq ft (psf) per plot ratio (ppr), while another foresees $310-330 psf ppr, or $242-255 million. Both are cautious expectations, given the site’s close proximity to the town centre, which could be due to the fact that five more executive condominium sites are set to launch.
Another reason for the relatively reserved expectations could be the review of the HDB income ceiling, which will open up more housing options for buyers. However, insiders are confident that impact will be minimal and there will always be demand for executive condos.
One observed that even with the decrease in bidders (as a result of property cooling measures), executive condo sites in established and convenient locations still raked in healthy prices. A good example is the Tampines Central 7 site that closed in April at $392 psf ppr, breaking records for this year and last. More recently, Belysa in nearby Pasir Ris sold 147 of its 315 units in just its first day.
|
|
|
|
|
|
|
Comments:
Please input the captcha text :
|