mr funny
20-05-11, 14:49
http://www.straitstimes.com/Money/Story/STIStory_670069.html
May 19, 2011
New EC at Pasir Ris to aid three-generational living
By Esther Teo, Property Reporter
http://www.straitstimes.com/STI/STIMEDIA/image/20110519/ST_IMAGES_ETNTUC.jpg
The 315-unit Belysa project offers only three- and four-bedroom units in order to cater to three-generational living. -- PHOTO: NTUC
THREE-GENERATIONAL living will be championed in the first executive condominium (EC) to be launched this year.
The 315-unit Belysa project in Pasir Ris, at the junction of Pasir Ris Drive 1 and Elias Road, will be offering only three- and four-bedroom apartments.
It is a joint venture between NTUC Choice Homes (NCH) and CEL Development, and will be priced at an average of $670 per sq ft (psf).
This means that an 829 sq ft three-bedroom unit will start from $574,000 while a 1,335 sq ft four-bedder will be priced from $882,000. The largest four-bedroom suite of 1,421 sq ft sits under $1 million, starting at $923,000, both firms said in a release yesterday.
Private condo NV Residences in Pasir Ris was launched in September last year at an average selling price of $830 psf.
The developers said only three- and four-bedders were being offered after 'taking into consideration the challenges of Singapore's changing demographics and a growing preference among young married couples to live in the same estate as their parents'.
The demand for three-generation living is also expected to spill over from the HDB to the private sector, they added.
NCH chief executive Margaret Goh said these options will be attractive to young families planning for the long term as it allows three-generational living.
Experts said demand is expected to be healthy as ECs cater to the so-called sandwich class - those with a household income of $8,000 to $10,000 - and unable to afford mass-market homes. It is unclear though how the review of the $8,000 income ceiling for HDB build-to-order flats might affect EC demand in the future, they added.
Mr Colin Tan, research and consultancy director at real estate firm Chesterton Suntec International, said: 'There is also a pent-up demand from upgraders. If buyers are unable to buy private homes, then the next form of upgrading is through ECs.'
ECs come with condo-like facilities and are an upmarket hybrid of public and private housing.
Frasers Centrepoint's Esparina Residences near Buangkok MRT Station was the first EC to be launched in October last year after a drought of five years at an average price of $730 to $750 psf.
This was swiftly followed by The Canopy in Yishun, Prive in Punggol and Austville Residences in Sengkang.
Belysa - sited on a 99-year-leasehold 162,991 sq ft land parcel - will offer both the normal and deferred payment scheme. Viewing and applications will open tomorrow.
May 19, 2011
New EC at Pasir Ris to aid three-generational living
By Esther Teo, Property Reporter
http://www.straitstimes.com/STI/STIMEDIA/image/20110519/ST_IMAGES_ETNTUC.jpg
The 315-unit Belysa project offers only three- and four-bedroom units in order to cater to three-generational living. -- PHOTO: NTUC
THREE-GENERATIONAL living will be championed in the first executive condominium (EC) to be launched this year.
The 315-unit Belysa project in Pasir Ris, at the junction of Pasir Ris Drive 1 and Elias Road, will be offering only three- and four-bedroom apartments.
It is a joint venture between NTUC Choice Homes (NCH) and CEL Development, and will be priced at an average of $670 per sq ft (psf).
This means that an 829 sq ft three-bedroom unit will start from $574,000 while a 1,335 sq ft four-bedder will be priced from $882,000. The largest four-bedroom suite of 1,421 sq ft sits under $1 million, starting at $923,000, both firms said in a release yesterday.
Private condo NV Residences in Pasir Ris was launched in September last year at an average selling price of $830 psf.
The developers said only three- and four-bedders were being offered after 'taking into consideration the challenges of Singapore's changing demographics and a growing preference among young married couples to live in the same estate as their parents'.
The demand for three-generation living is also expected to spill over from the HDB to the private sector, they added.
NCH chief executive Margaret Goh said these options will be attractive to young families planning for the long term as it allows three-generational living.
Experts said demand is expected to be healthy as ECs cater to the so-called sandwich class - those with a household income of $8,000 to $10,000 - and unable to afford mass-market homes. It is unclear though how the review of the $8,000 income ceiling for HDB build-to-order flats might affect EC demand in the future, they added.
Mr Colin Tan, research and consultancy director at real estate firm Chesterton Suntec International, said: 'There is also a pent-up demand from upgraders. If buyers are unable to buy private homes, then the next form of upgrading is through ECs.'
ECs come with condo-like facilities and are an upmarket hybrid of public and private housing.
Frasers Centrepoint's Esparina Residences near Buangkok MRT Station was the first EC to be launched in October last year after a drought of five years at an average price of $730 to $750 psf.
This was swiftly followed by The Canopy in Yishun, Prive in Punggol and Austville Residences in Sengkang.
Belysa - sited on a 99-year-leasehold 162,991 sq ft land parcel - will offer both the normal and deferred payment scheme. Viewing and applications will open tomorrow.