91 Pasir Ris EC units sold on first day of booking

[reporter2]

http://www.straitstimes.com/Money/Story/STIStory_806130.html

91 Pasir Ris EC units sold on first day of booking

Published on Jun 2, 2012


MORE than 90 units have been sold at executive condominium (EC) Watercolours on its first day of booking.

The 99-year leasehold project in Pasir Ris opened for booking at noon yesterday and will close at 9pm today.

The 416-unit exec condo - the latest of a number of new projects in the area - will be built at the junction of Pasir Ris Drive 3 and Pasir Ris Link.

Huge Development - a consortium made up of Ho Lee Group, UE E&C, GPS Alliance Development and Investment, and Evia Real Estate - is behind the project.

Mr Jeffrey Hong, chief executive of GPS Alliance, told The Straits Times that 91 units had been sold by 8pm yesterday.

Buyers - an even mix of first- and second-timers - snapped up a range of units, although the three-bedders proved more popular.

Per sq ft (psf) prices at Watercolours range from $570 to $750, and work out to an average of $706 psf.

Mr Hong said two-bedders start from $530,000, three-bedders from $639,000, four-bedders from $885,000, and penthouses from $1.07 million.

Dual-key units, which allow for multi-generational living, are also available.

The exec condo was launched to much hype on May 1 and was more than two times oversubscribed when e-applications ended a week later.

Having secured an e-application, a would-be home buyer is eligible to ballot for a unit.

Property consultants had earlier expected strong interest in the project, which offered similar pricing to a public housing project near Pasir Ris MRT station.

SLP International research head Nicholas Mak said that yesterday's sales figure is lower than expected, and that the developers may have to review their marketing strategy.

'It could mean that this exec condo is facing stiff competition from others that have been launched... some buyers might also be waiting for new ones, which could be in a location they prefer,' he said.

AMANDA TAN

[reporter2]

http://www.straitstimes.com/Money/Story/STIStory_806162.html

Changing face of Pasir Ris

Experts say upcoming projects may cause congestion but transport links, affordability make area a good buy

Published on Jun 2, 2012

By Amanda Tan


PASIR Ris is easily dismissed as a sleepy outpost at the end of the East-West MRT line, but property experts say home hunters could do well to consider the area.

They say the face of Pasir Ris will change significantly in the years ahead as numerous projects, both private and public, add buzz to the well-established area.

Buying interest in projects launched so far has already been strong, thanks in part to the affordability factor, the experts say.

Take for example, Pasir Ris One, said to be the last project under the Housing Board's Design, Build and Sell Scheme (DBSS).

Before e-applications closed on May 2, it was already oversubscribed. Only 447 units are available at the project, which is about five minutes' walk from Pasir Ris MRT station.

Executive condominium (EC) Watercolours also attracted keen interest, with more than 800 applications for 416 homes.

Huge Development - a consortium made up of Ho Lee Group, UE E&C, GPS Alliance Development and Investment, and Evia Real Estate - is behind the 99-year leasehold EC.

Per sq ft (psf) prices for the EC range from $570 to $750, and work out to an average of $706 psf.

Private projects include MCL Land's Ripple Bay, which sold nearly 500 units by April, out of 679 units on offer at the 99-year leasehold project. The units were sold for $870 psf on average.

Hong Realty's 642-unit NV Residences is already fully sold while Far East Organization's Seastrand is over 80 per cent sold.

The condos are expected to be completed in 2014.

Next weekend, Hoi Hup Realty is expected to preview its 376-unit Sea Esta in Pasir Ris Link. It will be sold at similar prices of about $850 psf to $890 psf on average, agents said.

Pasir Ris is a 'value-for-money purchase', especially for those who like the east and being close to amenities, said property consultant Ong Kah Seng.

Private projects have seen quite encouraging sales as buyers show strong interest in suburban properties after the additional buyer's stamp duty (ABSD) was imposed, noted Mr Ong, director at R'ST Research.

'Various investors also saw future leasing upside from the growing major eastern business hubs, essentially foreign professionals in Tampines and Changi business parks, or possibly from airline-related crew,' he said, adding homeowners may see longer-term resale potential when such decentralisation of office space takes better shape in years to come.

This, coupled with the plethora of new launches there, could explain why resale activity has been subdued recently, he said.

Still, prices have held up. For instance, the freehold Ferraria Park sold 13 units at a median price of $940 psf in the first five months of the year. It was completed in 2009. 'That price is fairly similar to that of new freehold launches,' he said.

Far-flung it may be, but the area is still accessible, with good transport links via the MRT and expressways, said Mr Tan Kok Keong, OrangeTee's research and consultancy head.

And of course, it is a short hop from the airport.

He said the area is well suited to families, with amenities such as schools, parks and Downtown East.

Besides private homes, he also noted that the area has a larger proportion of bigger HDB flats.

Looking ahead, Mr Tan said the area could be more vibrant as new developments take shape. But he warned that an increase in population could mean congestion.

Still, he added: 'There could be positive impact on retail consumption and retail rents too.'

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