The year is starting off strong for the executive condominium (EC) segment as the latest addition to the market. The 534-unit Wandervale EC in Choa Chu Kang is already half sold within the first weekend of its launch last week.
Photo credit: Sim Lian
The average price is currently at $755 psf and response has been overwhelming, with a record-high subscription rate and first-weekend-conversion for over a year. Wandervale will join the other Choa Chu Kang EC, Sol Acres and 2 more are expected to join their ranks by the end of the year. Sol Acres was launched last August and also sold well at $780 psf, with 247 units sold within the launch weekend.
The demand for executive condominiums have remained steady, with a almost-certain potential of value appreciation as they qualify for public housing grants on the initial purchase but become valuable private properties after a 10-year period. Location however could play a big part in determining the sales success. Since its launch in September last year, Criterion EC in Yishun has only sold 76 units at a median price of $807 psf. The Signature, also in Yishun, has sold 116 units at $768 psf as of January this year. Some of the more popular EC projects launched last year included The Brownstone on Canberra Drive, Westwood Residences and The Vales.
