A medley of public and private housing, Executive condominiums’ (ECs) flexibility make them a natural magnet for prospective homeowners. ECs proved popular with buyers when they were reintroduced to the market after a quiet period of five years.
(Executive Condominium's are proving popular with more and more people. Image courtesy of Blossom Residences)
Noting their attractiveness, a spokesman for Austville Residences in Sengkang commented that “With increased incomes and widespread aspirations of living in a condominium among Singaporeans, young couples and HDB upgraders will always consider ECs as a housing option, especially when EC prices continue to be below those of private condominiums.”
Since their arrival back on the housing market last year, eight EC sites have been sold to developers. A Kim Eng research paper noted that a total of 4,194 units have been released for sale.
As such, it didn’t take long for the revised rules about income ceilings for EC buyers to convert into market change. Mere days after the raised income ceilings were backdated, thus including all unsold units, sales of ECs were notably boosted.
The revised household income cap (previously $10,000; now increased to $12,000) was last Wednesday announced to apply to a host of other EC projects, all with unsold units. The group of five ECs were not included before the change, as the rule applied only to projects launched after August 15. With this amendment, developers are reporting speedier sales.
Qingjian Realty, for example, informed The Straits Times that over 50 units have been bought up since last Wednesday. They add that a large portion of buyers were those that had been affected by amended income ceiling level, with incomes between $10,000 and $12,000. With that boost, 468 of the 504 units have thus been sold.
Units in other ECs are similarly being filled. The 602-unit Blossom Residences, standing prominently in Segar Road, now has 400 occupied units, thanks to a further purchase of 20 units in the past seven days. “We expect to see continued healthy sales based on the positive feedback from this group of potential buyers,” says Mr. Chia Ngiang Hong, group general manager of CDL. He explained that buyers are praising this latest announcement as beneficial, as it helps them to broaden their options. He added that roughly one in two of the latest group of buyers fell into the $10,000-$12,000 category of income.
Austville Residences experienced its own surge, says their spokesman, with its show flat packed with twice the usual number of visitors this weekend. The project, launched in January, has now sold 65% of its units. Several buyers who were previously excluded due to their incompatible income level returned, making their purchase once the new rule was made public.
The modified income ceiling requirements have allowed roughly 600 unsold units, spread across five previous ECs as well as the more recent Arc at Tampines, to become available. Overall, UOB Kay Hian’s property analyst Vikrant Pandey approximates that 68,700 additional households now qualify for ECs.
As for the future, a Kim Eng research note said that over the next year, more than 3,000 units are predicted for release. If the past week’s events are anything to go by, it looks like they will find a healthy number of buyers eager to purchase their dream home.
|
|
|
|
|
Related Categories: Legal Matters, General
Tags: $10,000, $12,000, Austville Residences, EC, executive condo, executive condominium, housing units, Income Ceiling, show flat, Singapore housing
Bookmark:
|
|
|
Comments:
Please input the captcha text :
|