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17-05-12, 23:17
http://www.straitstimes.com/Money/Story/STIStory_797215.html
1 Canberra receives more than 600 e-applications
Published on May 10, 2012
By Gan Yu Jia
http://www.straitstimes.com/STI/STIMEDIA/image/20120509/ST_IMAGES_YJCANBERRA.jpg
AN EXECUTIVE condominium project in Yishun had received more than 600 e-applications for its 665 units by 6pm yesterday.
The ballot for 1 Canberra in Yishun, which opened about two weeks ago, closed yesterday.
A spokesman for developer MCC Land said last night that the firm expects the project to be oversubscribed when e-applications close, 'once the last person leaves the showroom'. He estimated that e-applications would range from 670 to 680.
Mr Colin Tan, research head at Chesterton Suntec International, said he had expected a better response.
He said the tepid demand may be due to the intense competition among developers for first-time buyers, who he says are mainly responsible for oversubscription rates.
'First-time applicants... have a lot more choices now. There have been a string of EC and DBSS (Design, Build and Sell Scheme) projects all coming out at the same time,' he noted.
'The advertisements have also come out quite strongly, which reflects a bit on the competition, because they're all launching at the same time, they're all in the far north-east, and they're competing for the same segments of the market.'
However, Mr Tan thinks that interest for 1 Canberra will heat up when it is open to all, given its relatively competitive pricing.
A standard three-bedroom unit will likely cost between $680,000 and $880,000 while four-bedders range from $860,000 to $970,000.
'Because it's an EC, pricing is affordable, so it doesn't mean it won't do well once it's opened for all. It's still more affordable, compared to private property,' added Mr Tan.
Interest for 1 Canberra seems to pale in comparison with Pasir Ris One, a 447-unit DBSS project which had a subscription rate of 1.94 times, but it did have an edge with its location, said Mr Tan.
'Obviously, Pasir Ris is a more established area. The majority (of flats) are executive apartments, there are a lot more potential upgraders, so that's one reason why Pasir Ris has done better.'
1 Canberra receives more than 600 e-applications
Published on May 10, 2012
By Gan Yu Jia
http://www.straitstimes.com/STI/STIMEDIA/image/20120509/ST_IMAGES_YJCANBERRA.jpg
AN EXECUTIVE condominium project in Yishun had received more than 600 e-applications for its 665 units by 6pm yesterday.
The ballot for 1 Canberra in Yishun, which opened about two weeks ago, closed yesterday.
A spokesman for developer MCC Land said last night that the firm expects the project to be oversubscribed when e-applications close, 'once the last person leaves the showroom'. He estimated that e-applications would range from 670 to 680.
Mr Colin Tan, research head at Chesterton Suntec International, said he had expected a better response.
He said the tepid demand may be due to the intense competition among developers for first-time buyers, who he says are mainly responsible for oversubscription rates.
'First-time applicants... have a lot more choices now. There have been a string of EC and DBSS (Design, Build and Sell Scheme) projects all coming out at the same time,' he noted.
'The advertisements have also come out quite strongly, which reflects a bit on the competition, because they're all launching at the same time, they're all in the far north-east, and they're competing for the same segments of the market.'
However, Mr Tan thinks that interest for 1 Canberra will heat up when it is open to all, given its relatively competitive pricing.
A standard three-bedroom unit will likely cost between $680,000 and $880,000 while four-bedders range from $860,000 to $970,000.
'Because it's an EC, pricing is affordable, so it doesn't mean it won't do well once it's opened for all. It's still more affordable, compared to private property,' added Mr Tan.
Interest for 1 Canberra seems to pale in comparison with Pasir Ris One, a 447-unit DBSS project which had a subscription rate of 1.94 times, but it did have an edge with its location, said Mr Tan.
'Obviously, Pasir Ris is a more established area. The majority (of flats) are executive apartments, there are a lot more potential upgraders, so that's one reason why Pasir Ris has done better.'