View Full Version : $2.05m Executive Condo
Tampines EC 'presidential suite' to be priced at $2.05m
By Esther Teo property reporter
THE monster 4,349 sq ft "presidential suite" at an executive condominium (EC) project in Tampines will be the first EC unit to eclipse the $2 million mark if sold at its launch this weekend.
The Straits Times understands that the penthouse unit at 514-unit CityLife @ Tampines, which comes with a roof terrace of about 1,600 sq ft, will be priced at about $2.05 million - or $470 per sq ft (psf).
The unit price rises to $744 psf if only liveable space is counted.
If sold, the overall price will set a new record for an EC - the latest in a string of sky-high prices that have raised eyebrows and led to a raging debate on whether buyers of such expensive ECs should be entitled to Housing Board grants.
These public-private housing hybrids are pushing size and price boundaries, with large, luxurious units that come with fancy designs, rivalling even that of private homes.
The current record is held by a 2,845 sq ft penthouse unit at Heron Bay in Upper Serangoon that fetched an eye-popping $1.77 million in October.
Potential home buyers thronged the showflat in Tampines Avenue 7 yesterday - the first day of the showflat preview - although bookings will start only on Saturday.
All three-bedroom units and smaller will be priced under $1 million with average prices at $770 psf.
This is slightly lower than the median price of $806 psf for the 26 units sold last month at The Tampines Trilliant, another EC project next to CityLife.
Average prices at The Tampines Trilliant, however, were $766 psf when the project was launched in February.
CityLife was more than three times subscribed with about 1,800 applications received by the deadline earlier this month.
About 30 per cent of sales hotline inquiries the project received were geared towards either the presidential suite or the six skysuites, its marketing agent said.
The project is being developed by a consortium comprising Amara Holdings, Kay Lim Holdings and SingXpress Land.
:scared-4:
Tampines EC 'presidential suite' to be priced at $2.05m
By Esther Teo property reporter
THE monster 4,349 sq ft "presidential suite" at an executive condominium (EC) project in Tampines will be the first EC unit to eclipse the $2 million mark if sold at its launch this weekend.
The Straits Times understands that the penthouse unit at 514-unit CityLife @ Tampines, which comes with a roof terrace of about 1,600 sq ft, will be priced at about $2.05 million - or $470 per sq ft (psf).
The unit price rises to $744 psf if only liveable space is counted.
If sold, the overall price will set a new record for an EC - the latest in a string of sky-high prices that have raised eyebrows and led to a raging debate on whether buyers of such expensive ECs should be entitled to Housing Board grants.
These public-private housing hybrids are pushing size and price boundaries, with large, luxurious units that come with fancy designs, rivalling even that of private homes.
The current record is held by a 2,845 sq ft penthouse unit at Heron Bay in Upper Serangoon that fetched an eye-popping $1.77 million in October.
Potential home buyers thronged the showflat in Tampines Avenue 7 yesterday - the first day of the showflat preview - although bookings will start only on Saturday.
All three-bedroom units and smaller will be priced under $1 million with average prices at $770 psf.
This is slightly lower than the median price of $806 psf for the 26 units sold last month at The Tampines Trilliant, another EC project next to CityLife.
Average prices at The Tampines Trilliant, however, were $766 psf when the project was launched in February.
CityLife was more than three times subscribed with about 1,800 applications received by the deadline earlier this month.
About 30 per cent of sales hotline inquiries the project received were geared towards either the presidential suite or the six skysuites, its marketing agent said.
The project is being developed by a consortium comprising Amara Holdings, Kay Lim Holdings and SingXpress Land.
:scared-4:
If i can qualify i'll buy this if i get my ballot :D
Landed in the sky :p
If i can qualify i'll buy this if i get my ballot :D
The problem is that in theory a household with income under $12K shouldn't be able to afford a $2.05m penthhouse. Maybe they are super cash rich from divestment, parents give money or loopholes?:confused:
blackapple
27-12-12, 07:47
If can afford 2 million public housing, why tax payer need to subsidy them ?? Lousy PAP policy again...
If can afford 2 million public housing, why tax payer need to subsidy them ??
If they play their cards right, the penthouse owner can get up to $20k in housing grant. Just enough for them to buy the latest 80" 4K TV.:rolleyes:
hehehe....again, this one cannot use logic to explain. crossing the 2mil mark and willing to lock out for 10yrs?? they could easily pick up some landed, or cluster at such pricing...So is it space that they are going after? logic?? :p
Subsidise a 4000+sqft ph buyer? They can walk into east coast area and buy a 3 bed any day.
The problem is that in theory a household with income under $12K shouldn't be able to afford a $2.05m penthhouse. Maybe they are super cash rich from divestment, parents give money or loopholes?:confused:
Is a viable investment in my view if have the fund from say parents, other investment and can manage the installment.
For such big units 4349sf, at $470psf, after 8yrs (inc MOP)at a regional center like Tampines with 2 mrts, will the price move to humbly $700psf possible?
The profit will be ~$1m. Not bad ;)
Is a viable investment in my view if have the fund from say parents, other investment and can manage the installment.
It's a steal....literally.:)
If can afford 2 million public housing, why tax payer need to subsidy them ?? Lousy PAP policy again...
yea lor..
:cool:
no wonder the developer can sell now.....i just make a guess, are you under 35yrs old? :D
Is a viable investment in my view if have the fund from say parents, other investment and can manage the installment.
For such big units 4349sf, at $470psf, after 8yrs (inc MOP)at a regional center like Tampines with 2 mrts, will the price move to humbly $700psf possible?
The profit will be ~$1m. Not bad ;)
ikan bilis
27-12-12, 08:16
grab grab grab fast.... these will be the last few limited edition pieces... ah cow coming in and whacking soon... ;)
It's a steal....literally.:)
I agreed that I'm slow. At least now I see why developers are shooting for gigantic units in EC, a good strategy for developer and first time buyers. Cool:cheers6:
no wonder the developer can sell now.....i just make a guess, are you under 35yrs old? :D
How I wish I belong to this privilege group, but I don't want to be a loser mindset as I did enjoy my first HDB subsidy, and happy where I am. :cool:
phantom_opera
27-12-12, 08:49
still risk is high ... you need to wait 8y (3y construction + 5y MOP) to sell only to Singaporeans ... another 5y to sell to foreigners (left 86 lease already)
if you suay suay after 8y market hits the bottom ... :banghead:
with the same amount of $$, it is better to hoot multiple MMs so you can sell one by one after 4y SSD
still risk is high ... you need to wait 8y (3y construction + 5y MOP) to sell only to Singaporeans ... another 5y to sell to foreigners (left 86 lease already)
if you suay suay after 8y market hits the bottom ... :banghead:
with the same amount of $$, it is better to hoot multiple MMs so you can sell one by one after 4y SSD
Brudder, what is the max earning per month to qualify for EC??? 12K max rite??? I hope I rite... Hahahahaha
Downpayment - 400K (20% rite)
Loan - 1,6Mil rite??
@1.1% over 30 years - 5.22K per month
Brudder - How in the hell can someone who earns 12K (couple) put downpayment of 400k?? and service 5.22K per month???
The answer lies with Ah Pa and/or Ah Ma...
Hahahahahaha
Its time the government do something about EC.
It is time to withdraw subsidies for EC buyers whose purchase price is more than $1 mil.
EC subsidy should be remove totally in some cases.
If people got hard cash or CPF of more than $200K, how do they qualify as "need help"?
DKSG
still risk is high ... you need to wait 8y (3y construction + 5y MOP) to sell only to Singaporeans ... another 5y to sell to foreigners (left 86 lease already)
if you suay suay after 8y market hits the bottom ... :banghead:
with the same amount of $$, it is better to hoot multiple MMs so you can sell one by one after 4y SSD
Bro, agree with your view point too.
My view is more of taking advantage of low psf due to government subsidy and the advantage of this EC location, which is near to amenities.
Assume Singapore still vibrate, in 2020, selling a well located unit at $700 psf
I believe there will be takers. Especially nowadays I felt $1.2k psf is like the norm :D
So if I have the fund and no issue to service the installment(this is important), is like sitting on a gold mine and enjoying the large floor area and amenities while wait for it to appreciate and let go with a profit and move on from there.
Good luck!
They should extend the MOP for EC to EIGHT years retrospectively.
Since this is meant to be for "own stay" right ?
HDB MOP should also be extended to 6 years.
DKSG
bakasa2002
27-12-12, 09:13
grab grab grab fast.... these will be the last few limited edition pieces... ah cow coming in and whacking soon... ;)
The lightsabre will be swung soon for the EC segment particularly ... that I am quite certain. ;)
EC - Extra Cooling measures needed from gov for biggie units....hahaha
grab grab grab fast.... these will be the last few limited edition pieces... ah cow coming in and whacking soon... ;)
i also say...
EC - Extra Cooling measures needed from gov for biggie units....hahaha
EXTENSIVE cooling u mean:D
Decentralisation of city. Rising of sub-city centers to accomodate the rising population trend. Doubling of railway distance in next 20 years [news]. Few hundred meters from 3 shopping mall. Reserve site behind citylife [potential]. Few MRT lines. 3 malls.
4k square feet at 2 million can get easily anywhere?
If i can qualify i'll buy this if i get my ballot :D
Landed in the sky :p
nope..
is should be called landed in sky high...:D
still risk is high ... you need to wait 8y (3y construction + 5y MOP) to sell only to Singaporeans ... another 5y to sell to foreigners (left 86 lease already)
if you suay suay after 8y market hits the bottom ... :banghead:
with the same amount of $$, it is better to hoot multiple MMs so you can sell one by one after 4y SSD
nice post :o
Brudder, what is the max earning per month to qualify for EC??? 12K max rite??? I hope I rite... Hahahahaha
Downpayment - 400K (20% rite)
Loan - 1,6Mil rite??
@1.1% over 30 years - 5.22K per month
Brudder - How in the hell can someone who earns 12K (couple) put downpayment of 400k?? and service 5.22K per month???
The answer lies with Ah Pa and/or Ah Ma...
Hahahahahaha
hahaha..
income ceiling limit ($12k/mo) vs $2million price tag..
doesn't match at all..
:o
acidic.straw
27-12-12, 13:19
"Executive Condominiums (EC) were introduced to cater to Singaporeans, especially young graduates and professionals who can afford more than an HDB flat but find private property to be out of their reach."
- from HDB InfoWeb
Is there something wrong with this picture or am I missing something? :confused:
Actually.. I find this not very value for money.. it is a huge roof terrace you are paying for.
I like the 3300sqft+ single level SkySuites that costs around $1.5-1.6mil. That one is more value for money .
still risk is high ... you need to wait 8y (3y construction + 5y MOP) to sell only to Singaporeans ... another 5y to sell to foreigners (left 86 lease already)
if you suay suay after 8y market hits the bottom ... :banghead:
with the same amount of $$, it is better to hoot multiple MMs so you can sell one by one after 4y SSD
yep i agree 8 / 13 years is a long time. but shouldnt properties be kept for the long term?
@ $470psf how rock bottom u wanna go? $200psf?
I think ECs are bought for ownstay can't really compare with multiple MM purchase. How many can u buy without getting hit by ABSD anyway? 2?
phantom_opera
27-12-12, 14:04
yep i agree 8 / 13 years is a long time. but shouldnt properties be kept for the long term?
@ $470psf how rock bottom u wanna go? $200psf?
I think ECs are bought for ownstay can't really compare with multiple MM purchase. How many can u buy without getting hit by ABSD anyway? 2?
as highlighted by focus, this penthouse a large % area is useless roof terrace ... so 470psf is more like 650psf
Salary $6k per month as a company director... Dividend $2m...:D
$2.05 Executive Condom
That I can afford.
rymccondo77
29-12-12, 11:00
The unit has been sold.
If can afford 2 million public housing, why tax payer need to subsidy them ?? Lousy PAP policy again...
What subsidy? It's only 30k. Frankly it's nothing .
What subsidy? It's only 30k. Frankly it's nothing .
cannot even cover the stamp duty hehe.
still risk is high ... you need to wait 8y (3y construction + 5y MOP) to sell only to Singaporeans ... another 5y to sell to foreigners (left 86 lease already)
if you suay suay after 8y market hits the bottom ... :banghead:
with the same amount of $$, it is better to hoot multiple MMs so you can sell one by one after 4y SSD
I think it's own state n multi generation. Anyway I think it's good value. Won't have this type of size next time .
phantom_opera
29-12-12, 20:47
65pc of city life ec sold as of 8pm
This is so funny. People are really jealous these theys . Those who don't buy Keep trying to talk down the market. Homing that more CM. so crash. But when the crash comes they will be screaming in fear. Laughing and calling folks who dare buy as fools.
What a funny scenario. I don't think it matters coz these group will never buy. Just Keep complaining its policy problem , goverment problem , world problem, bank problem ... I think they should look into the mirror.
There is where they will find the problem.
In the past people laugh at people who buy EC. Shun EC. Now all salvate at the chance to be able to buy. Curse n swear when price goes up for EC.
In the past all shun EC .
What a funny world. I m sure when price correct they will come back n be NAY sayer.
Wonder what is the percentage of HDB upgrader from this 65%?
65pc of city life ec sold as of 8pm
2mil PH is sharesd by couple, siblings, parents. So $2mil divide by 3 then ok for staying. Everyone contribute
phantom_opera
29-12-12, 20:56
Wonder what is the percentage of HDB upgrader from this 65%?
Must sell to first timers on first month?
O I see. Very good respose then. But some of them interview does does not look at first timer.
Must sell to first timers on first month?
But the owners of the PH are only two.
2mil PH is sharesd by couple, siblings, parents. So $2mil divide by 3 then ok for staying. Everyone contribute
2mil PH is sharesd by couple, siblings, parents. So $2mil divide by 3 then ok for staying. Everyone contribute
this sort of arrange has got good chance of falling apart. perhaps after TOP, this unit might be back in the market again.
Does anyone know what will be the maintenance fee and if they will be give 2 parking lot instead of 1?
this sort of arrange has got good chance of falling apart. perhaps after TOP, this unit might be back in the market again.
Multi family nucleas under one roof. Good for family togetherness.
It can be good and bad.
Multi family nucleas under one roof. Good for family togetherness.
bakasa2002
29-12-12, 21:39
Must sell to first timers on first month?
For citylife, there's no need to wait a mth. Upgraders who did not eapp or get a q no can start booking tmr. It's a new sys that they are using...
Luckily YT bro didn't bought this PH..
I'm sure he will fully utilize the terrace area by converting into living space.. & even partition living/dining area all-in-all total of 10-bedroom.
All parent parent in-law.. bro sis aunty uncle.. bro in-law.. sis in-law.. bro gf sis bf.. all come stay under one roof
Sorry YT, I'm just toking kok over this boring weekend :D
Wonder what is the useful area of the PH after deducting terrace, AC ledges, etc? Developer said cheap at $4xxpsf.
Luckily YT bro didn't bought this PH..
I'm sure he will fully utilize the terrace area by converting into living space.. & even partition living/dining area into bedroom.
All parent parent in-law.. bro sis aunty uncle.. bro in-law.. sis in-law.. bro gf sis bf.. all come stay under one roof
Sorry YT, I'm just toking kok over this boring weekend :D
Luckily YT bro didn't bought this PH..
I'm sure he will fully utilize the terrace area by converting into living space.. & even partition living/dining area all-in-all total of 10-bedroom.
All parent parent in-law.. bro sis aunty uncle.. bro in-law.. sis in-law.. bro gf sis bf.. all come stay under one roof
Sorry YT, I'm just toking kok over this boring weekend :D
Hi Salutation...yes, it is indeed marvelous idea! Being said that, Mt Sinai is always my ultimate and only choice.
Wonder what is the useful area of the PH after deducting terrace, AC ledges, etc? Developer said cheap at $4xxpsf.
I recalled someone saying livable is 760psf, so not that cheap.
A mid floor duo key without balcony cost 880psf:scared-4:
Multi family nucleas under one roof. Good for family togetherness.
The problem with having some many under one roof is that when family size got bigger, someone will want to cash out and move out. when that happen, things will get messy.
What subsidy? It's only 30k. Frankly it's nothing .
The land price is subsidized.
The land price is subsidized.
well did the state give out $$? basically the state zone it as EC. Cap buyers with 12K salary. Thus setting a limit where the developer have to price it able to meet these segment of buyers. Thus having the develepoer bid reasonably on the pricing.
State dont give out $$$ so to me its virtual "subsidy"
Yes many will scream 2M!!! so how? need to do means testing too to buy EC? Those with rich fater or mother cannot buy? how abt uncles? or brothers?
Also to put some sense to this is the unit have a lot of roof top space. not exactly part of the GFA.
Anyway the % of such units are small in the development and its multi generation living in them. Its fair enough. to hav some units. and given the buy salary is sill under 12K.
well did the state give out $$? basically the state zone it as EC. Cap buyers with 12K salary. Thus setting a limit where the developer have to price it able to meet these segment of buyers. Thus having the develepoer bid reasonably on the pricing.
State dont give out $$$ so to me its virtual "subsidy"
Yes many will scream 2M!!! so how? need to do means testing too to buy EC? Those with rich fater or mother cannot buy? how abt uncles? or brothers?
Also to put some sense to this is the unit have a lot of roof top space. not exactly part of the GFA.
Anyway the % of such units are small in the development and its multi generation living in them. Its fair enough. to hav some units. and given the buy salary is sill under 12K.
Virtual or not, the land is subsidized by government. It can be sold much higher if zoned as pc. Subsidized housing is meant for the needies, not as prize catch, this is a waste of space and waste of public resource to help more "sandwiches".
Does one really believe in the multi-gen craps, it is merely to play down on the attention it has gathered. And let's face it. Even if 1/3 of the apartment is the
less useful roof terrace, by removing the roof terrace, a 3000sq ft home is still too luxurious to be called a subsidized home. :2cents:
Evidently the developer has totally ignored KBW's appeal for them to bear in mind the income ceiling of potential buyers... Why sell such a big unit? 4xxx sqft is like a semiD or a cluster house liao... Lol!
Virtual or not, the land is subsidized by government. It can be sold much higher if zoned as pc. Subsidized housing is meant for the needies, not as prize catch, this is a waste of space and waste of public resource to help more "sandwiches".
Does one really believe in the multi-gen craps, it is merely to play down on the attention it has gathered. And let's face it. Even if 1/3 of the apartment is the
less useful roof terrace, by removing the roof terrace, a 3000sq ft home is still too luxurious to be called a subsidized home. :2cents:
If it is zoned at pc, easily sell it at 1200psf. So gov sell land cheaper by at least 200-400psf. Multuply that by the total dev floor area, that is how much tax payers are subsidizing. The tens of millions could be better channel to other social cause rather than satisfying the dreams of citizens to stay in pte pty. Well, another hole to be plugged.
Honestly speaking - nobody ask them to buy. In fact, developer is only trying to "sell", but the decision still lies in the people's hand.
Willing seller, willing buyer.
Nonetheless, I still feel Mt Sinai is still the best.
Honestly speaking - nobody ask them to buy. In fact, developer is only trying to "sell", but the decision still lies in the people's hand.
Willing seller, willing buyer.
Nonetheless, I still feel Mt Sinai is still the best.
At 2mil, the buyer could be anybody in the city area, but now he is crowned the king of all EC at a subsidized cost ! Lol.
Many willing buyers. For all you know, the buyer could be just any grand prize winner in the lucky draw. :doh:
phantom_opera
30-12-12, 13:15
CM will surely hit b4 CNY .... I read the Lianhe Zaobao, it was reported on the 1st page with very detailed explanation
not just the 2.05m penthouse, all other penthouse avg 1.5m per unit all cleaned up in first few hours, big units like sky suites / DK units are also sold out ... all of them with quantum above 1m
basically ppl will complain these buyers are super rich families... why taxpayers need to subsidize them
除了面积超过4300平方英尺、售价205万元的总统式顶层豪宅单位（presidential penthouse）外，另外15个面积较小的顶层豪宅（penthouse）单位及6个拥有四到五个卧房的空中公寓（skysuites），也在数个小时内售罄。
这些顶层豪宅售价，从106万元起跳，每单位平均150万元，空中公寓则介于130万至160万元之间。
四房式及附有双钥匙（dual key）设计的三房和四房式公寓最抢手，售价大多超过100万元，买家主要是组屋提升者及首次购屋者。
原本看中一个120万元顶层豪宅单位的蔡明杜（30来岁，房地产经纪），因为被其他买家抢先一步，最后以116万元购买了一个四房式单位。
thomastansb
30-12-12, 13:19
Actually I don't see a problem. I heard 14 buyers to 1 PH so the demand is there. EC is subsidised but the buyers are subjected to rules and regulations. So kind of a trade off. Also, they sell PH for 500+ psf. If they build 2/3 bedders, they sell almost same price also. Maybe higher psf a bit but it is still the same. The units are subsidised regardless if it is a PH or 2/3 bedders.
End of the day, this is what the people want. 12k ceiling, of course developer can stretch you.
Imagine 5 years later when they partition out the place and rent out to 5 families. ;)
Actually I don't see a problem. I heard 14 buyers to 1 PH so the demand is there. EC is subsidised but the buyers are subjected to rules and regulations. So kind of a trade off. Also, they sell PH for 500+ psf. If they build 2/3 bedders, they sell almost same price also. Maybe higher psf a bit but it is still the same. The units are subsidised regardless if it is a PH or 2/3 bedders.
End of the day, this is what the people want. 12k ceiling, of course developer can stretch you.
phantom_opera
30-12-12, 14:21
Imagine 5 years later when they partition out the place and rent out to 5 families. ;)
JiAlat kenobi wan in action soon lol
JiAlat kenobi wan in action soon lol
Could the regular mentioning of KBW coming CM on EC helps in the sellout of ultra big units in city life? I over heard agents telling buyers that this is in fact the last chance to grab the big units that heavily subsidized by tax payers. Once next CM hit, this loophole will likely be closed.
Great tactics and interestingly CM might end up work in developers' favour.
Virtual or not, the land is subsidized by government. It can be sold much higher if zoned as pc. Subsidized housing is meant for the needies, not as prize catch, this is a waste of space and waste of public resource to help more "sandwiches".
Does one really believe in the multi-gen craps, it is merely to play down on the attention it has gathered. And let's face it. Even if 1/3 of the apartment is the
less useful roof terrace, by removing the roof terrace, a 3000sq ft home is still too luxurious to be called a subsidized home. :2cents:
Since when EC land is subsidies?
Sgporean is like that. When everybody want then they buy , when everyone don't want, they dont buy
Since when EC land is subsidies?
If you have a 2mil house, you sold it to your nephew at 1.5mil. Where did the 500k go to? :cheers1:
Somebjust have this fear of losing out. Believing more in the common wisdom than their own instinct.
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