With The Brownstone and SkyPark Residences executive condominiums (ECs) in her midst, Sembawang looks set to become an EC town with Parc Life joining her this weekend.
The latest 628-unit addition on Sembawang Crescent will feature 2- to 5-bedroom units from 753 to 1,550 sq ft and with prices averaging between $770 to $800 psf. The project is jointly developed by Frasers Centrepoint and Keong Hong Holdings and is situated near Sembawang MRT station, just next to Canberra Park.
Photo credit: Frasers Centrepoint Homes
Despite units at The Brownstone and SkyPark Residences still being available, developers of are banking on HDB upgraders from surround Yishun, Woodlands and Sembawang searching for new units in the vicinity. Home seekers looking for a transition property between public and private markets will often buy into the executive condominium segment as they can utilise grants and subsidies from the Housing Board (HDB) while leveraging on the potential of ECs. Executive condominiums will be privatised after a 10-year period.
Following the government’s raise of the household income ceiling last year from $12,000 to $14,000 for ECs, more buyers now qualify for larger, more expensive units. The developers have caught on to this fact and have introduced more 3-bedroom units, with almost 77 per cent of their 628 units being 3- or 3-plus-universal options.
In a short span of 3 months this year, 2 ECs have been launched – Wandervale in Choa Chu Kang and The Visionaire on Canberra Link. How will the public respond to upcoming launches and expected excess capacity this year?
