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27-11-12, 18:39
http://www.straitstimes.com/archive/thursday/premium/top-the-news/story/presidential-suite-new-ec-project-20121122
A 'presidential suite' at new EC project
Developers adding fancy features like private pools as competition heats up
Published on Nov 22, 2012
By Melissa Tan
A VAST penthouse nearly as big as four HDB five-room flats combined is spicing up the attractions at the upcoming CityLife@ Tampines executive condominium (EC).
The 4,349 sq ft "presidential penthouse suite" at what the developers brand "Singapore's first luxury hotel-style" EC is a sign of the intense competition to attract EC buyers.
But some property experts are questioning if such a large and plush unit is appropriate for EC projects. "It's really too big," said OrangeTee managing director Steven Tan, who said 1,800 sq ft was enough for a multi-generation household.
Building such a large unit was "not in line with the original intention of introducing ECs" - meant to cater to young families who can afford more than a HDB flat but not private property, Mr Tan said.
DWG analyst Lee Sze Teck said the target market for the penthouse and other larger units were probably second-time EC buyers or those with a lot of cash, and some might be private property downgraders.
Mr Lee estimated that the penthouse would likely cost between $550 and $600 per sq ft (psf).
If the 4,349 sq ft penthouse costs $550 psf and its buyer gets a 30-year loan of 80 per cent at an interest rate of 1.2 per cent, the monthly instalment would be $6,332 - more than half the $12,000 monthly income ceiling for EC buyers. The 20 per cent out-of-pocket cost would be nearly $480,000.
The 514-unit CityLife, which is being built by Amara Holdings, Kay Lim Holdings and SingXpress Land, will have an infinity pool and four- to five-bedder "Skysuite" units with open terraces.
CityLife is next to another EC project, The Tampines Trilliant, launched in January and expected to be completed in 2016.
EC developers are pulling out all the stops as the pool of eligible buyers dwindles, said R'ST Research director Ong Kah Seng.
Another recent EC project, Heron Bay, paired private pools with jacuzzis in 12 ground-floor units. These were booked up "within the first weekend" of the launch, said Mr Vincent Ong, managing partner of Evia Real Estate Management, a partner in Heron Bay's development consortium.
Analysts said some buyers would be keen on such fancy projects as these gilt-edged features were relatively rare and ECs were still up to 25 per cent cheaper than mass market condos.
Mr Alvin Leow, 45, a senior manager in the paint industry, told The Straits Times he was keen on a CityLife unit for its location and luxury features. But Mr Leow, who lives in a five-room HDB flat in Hougang with his wife and two children, said while he "definitely would consider" units with higher-end features, he did not want to "over-budget".
EC prices are rising. A 2,713 sq ft penthouse at One Canberra in Yishun fetched $1.61 million in August, a record for a new EC unit. The highest psf price is $888 for a unit at The Tampines Trilliant.
People who bought ECs before 2010 could make profits of between 30 per cent and 70 per cent now, said Mr Ong.
E-applications for CityLife can be made from Nov 29. Bookings open next month.
[email protected]
A 'presidential suite' at new EC project
Developers adding fancy features like private pools as competition heats up
Published on Nov 22, 2012
By Melissa Tan
A VAST penthouse nearly as big as four HDB five-room flats combined is spicing up the attractions at the upcoming CityLife@ Tampines executive condominium (EC).
The 4,349 sq ft "presidential penthouse suite" at what the developers brand "Singapore's first luxury hotel-style" EC is a sign of the intense competition to attract EC buyers.
But some property experts are questioning if such a large and plush unit is appropriate for EC projects. "It's really too big," said OrangeTee managing director Steven Tan, who said 1,800 sq ft was enough for a multi-generation household.
Building such a large unit was "not in line with the original intention of introducing ECs" - meant to cater to young families who can afford more than a HDB flat but not private property, Mr Tan said.
DWG analyst Lee Sze Teck said the target market for the penthouse and other larger units were probably second-time EC buyers or those with a lot of cash, and some might be private property downgraders.
Mr Lee estimated that the penthouse would likely cost between $550 and $600 per sq ft (psf).
If the 4,349 sq ft penthouse costs $550 psf and its buyer gets a 30-year loan of 80 per cent at an interest rate of 1.2 per cent, the monthly instalment would be $6,332 - more than half the $12,000 monthly income ceiling for EC buyers. The 20 per cent out-of-pocket cost would be nearly $480,000.
The 514-unit CityLife, which is being built by Amara Holdings, Kay Lim Holdings and SingXpress Land, will have an infinity pool and four- to five-bedder "Skysuite" units with open terraces.
CityLife is next to another EC project, The Tampines Trilliant, launched in January and expected to be completed in 2016.
EC developers are pulling out all the stops as the pool of eligible buyers dwindles, said R'ST Research director Ong Kah Seng.
Another recent EC project, Heron Bay, paired private pools with jacuzzis in 12 ground-floor units. These were booked up "within the first weekend" of the launch, said Mr Vincent Ong, managing partner of Evia Real Estate Management, a partner in Heron Bay's development consortium.
Analysts said some buyers would be keen on such fancy projects as these gilt-edged features were relatively rare and ECs were still up to 25 per cent cheaper than mass market condos.
Mr Alvin Leow, 45, a senior manager in the paint industry, told The Straits Times he was keen on a CityLife unit for its location and luxury features. But Mr Leow, who lives in a five-room HDB flat in Hougang with his wife and two children, said while he "definitely would consider" units with higher-end features, he did not want to "over-budget".
EC prices are rising. A 2,713 sq ft penthouse at One Canberra in Yishun fetched $1.61 million in August, a record for a new EC unit. The highest psf price is $888 for a unit at The Tampines Trilliant.
People who bought ECs before 2010 could make profits of between 30 per cent and 70 per cent now, said Mr Ong.
E-applications for CityLife can be made from Nov 29. Bookings open next month.
[email protected]