The Executive Condominium (EC) market seems to be facing some resistance from buyers. The pricing sweet spot in recent launches of Signature @ Yishun and The Criterion seem to be around $750 to $780 psf respectively.
The most recent public housing policy changes include a higher income ceiling of $14,000, up $2,000 from the previous $12,000 for ECs. This may have an effect on the crossover pool of buyers who may well be able to afford private condominiums and may weigh in their options between both housing types. 20 per cent of the buyers for Signature @ Yishun fell within those with monthly household income above $12,000. Though more significant impact probably comes from the Mortgage Servicing Ratio and other loan restrictions.
The Criterion is a 505-unit development built by City Developments and Signature at Yishun, a 525-unit project by JBE Holdings. That may also have thinned out the demand a little, as both are situated in Yishun and there are many points for comparison. Buyers may also be holding out in wait for the massive 12,000-unit BTO launch in November.
Although the sales may not be as fast and furious as before, with units being sold out within the launch period as buyers now tend to take their time in making comparisons and coming to a decision, the response will still be comparable.