Only a handful of executive condominiums (ECs) have been launched in the past couple of years, and even fewer land sites allocated for this property type have been launched by the authorities.
Thus it will come as no surprise if the latest sites in Sengkang draw fierce bidding from developers.
Executive condominiums in high demand
2 sites in Canberra Link and Anchorvale Crescent were released under the Government Land Sales (GLS) programme, joining 2 other sites in Jalan Jurong Kechil and Clementi Ave 1. These 4 sites can yield a total of 1,920 residential units.
Both developers and consumers have been awaiting the launch of executive condominium projects and corresponding land sites as these are few and far in between. The existing stock of unsold ECs in the market has been diminishing quickly and demand remains high.
Canberra Link EC site near future MRT station
The Canberra Link EC site will be of particular interest to developers as it is situated near the future Canberra MRT station which will be ready by December 2019. There has also been a lack of EC launches in the Sengkang estate.
In 2018, only 1 EC project – Rivercove Residences – has been launched thus far and is almost fully sold. No other EC launch in this region is slated for the rest of the year and buyers will have to choose from unsold units or wait for the EC project on Sumang Walk.
This confirms buyers’ interest in this hybrid property. Executive condominiums are sold as public housing but will turn private after 10 years. They often come with the same facilities and amenities as private condominiums and have a lower pricing entry level than private properties as buyers can make use of government subsidies.
The next EC site launch in Tampines Avenue 10 is tentatively set for tender in October.