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08-08-13, 15:59
http://www.straitstimes.com/archive/saturday/premium/money/story/new-ec-set-hit-800-psf-mark-20130803
New EC set to hit $800 psf mark
Pasir Ris project's launch follows EC 'record' week
Published on Aug 03, 2013
By Melissa Tan
AN EXECUTIVE condominium (EC) near Pasir Ris beach will launch next week at an average price of $800 per sq ft (psf), industry players say, the highest so far for the private/public housing hybrid.
The 495-unit Sea Horizon is to be built at the junction of Pasir Ris Drive 3 and Pasir Ris Rise.
Units at the project range from 71 sq m two- bedders to five-bedroom units of 160 sq m. It will also have penthouses of between 129 sq m and 160 sq m.
Developers Hao Yuan Investment and Sustained Land said in a statement yesterday that the units will have full-height windows and some bedrooms will come with French balconies.
"The greatest appeal of Sea Horizon lies in its coastal upland location, which is especially rare for an EC project," they added. Most units will get sea views.
Hao Yuan put in a bid of $207 million for the site in November last year, beating nine other bidders. That translates to $331.1 psf per plot ratio (ppr) for the 27,660 sq m plot.
EC prices have recently come close to breaching the $800-psf threshold. At Ecopolitan, an EC in Punggol which opens for bookings today, average prices are around $790 psf, developer Qingjian Realty told The Straits Times yesterday.
Sea Horizon's launch comes on the heels of a record-breaking week for the EC segment.
On Tuesday, an EC site in Jurong's Yuan Ching Road drew a record 16 bids and a top bid of $418 psf ppr, a new high for an EC site. The selling price for the site is tipped to be nearly $900 psf.
Two other tenders that closed on Tuesday, for Punggol EC sites, also fetched higher prices than earlier Punggol EC land parcels.
Analysts said developers are still keen on the EC segment as they view it as being more stable, compared with the private residential market, which has been hit by several rounds of cooling measures.
Boutique developer JBE Holdings director Patrick Lam told The Straits Times last month that for the EC segment, "policy risk is very little compared to other segments". It is developing the 506- unit SkyPark Residences EC on Sembawang Drive which is likely to be launched in September.
R'ST Research director Ong Kah Seng pointed out that most of the cooling measures so far have targeted demand for private properties rather than ECs, though some EC restrictions were imposed in January as part of the seventh round of property curbs.
He noted that EC buying interest was "still very strong. A lot of home buyers are getting more cautious so they're opting for ECs instead of private property because of the lower cost".
However, Mr Ong said that though demand is expected to remain healthy, EC projects that sell for more than $800 psf will "have to justify their price based on their location and upside potential".
Sea Horizon will open for e-applications on Wednesday at its Pasir Ris Drive 3 sales gallery. Bookings will begin on Sept 7.
[email protected]
New EC set to hit $800 psf mark
Pasir Ris project's launch follows EC 'record' week
Published on Aug 03, 2013
By Melissa Tan
AN EXECUTIVE condominium (EC) near Pasir Ris beach will launch next week at an average price of $800 per sq ft (psf), industry players say, the highest so far for the private/public housing hybrid.
The 495-unit Sea Horizon is to be built at the junction of Pasir Ris Drive 3 and Pasir Ris Rise.
Units at the project range from 71 sq m two- bedders to five-bedroom units of 160 sq m. It will also have penthouses of between 129 sq m and 160 sq m.
Developers Hao Yuan Investment and Sustained Land said in a statement yesterday that the units will have full-height windows and some bedrooms will come with French balconies.
"The greatest appeal of Sea Horizon lies in its coastal upland location, which is especially rare for an EC project," they added. Most units will get sea views.
Hao Yuan put in a bid of $207 million for the site in November last year, beating nine other bidders. That translates to $331.1 psf per plot ratio (ppr) for the 27,660 sq m plot.
EC prices have recently come close to breaching the $800-psf threshold. At Ecopolitan, an EC in Punggol which opens for bookings today, average prices are around $790 psf, developer Qingjian Realty told The Straits Times yesterday.
Sea Horizon's launch comes on the heels of a record-breaking week for the EC segment.
On Tuesday, an EC site in Jurong's Yuan Ching Road drew a record 16 bids and a top bid of $418 psf ppr, a new high for an EC site. The selling price for the site is tipped to be nearly $900 psf.
Two other tenders that closed on Tuesday, for Punggol EC sites, also fetched higher prices than earlier Punggol EC land parcels.
Analysts said developers are still keen on the EC segment as they view it as being more stable, compared with the private residential market, which has been hit by several rounds of cooling measures.
Boutique developer JBE Holdings director Patrick Lam told The Straits Times last month that for the EC segment, "policy risk is very little compared to other segments". It is developing the 506- unit SkyPark Residences EC on Sembawang Drive which is likely to be launched in September.
R'ST Research director Ong Kah Seng pointed out that most of the cooling measures so far have targeted demand for private properties rather than ECs, though some EC restrictions were imposed in January as part of the seventh round of property curbs.
He noted that EC buying interest was "still very strong. A lot of home buyers are getting more cautious so they're opting for ECs instead of private property because of the lower cost".
However, Mr Ong said that though demand is expected to remain healthy, EC projects that sell for more than $800 psf will "have to justify their price based on their location and upside potential".
Sea Horizon will open for e-applications on Wednesday at its Pasir Ris Drive 3 sales gallery. Bookings will begin on Sept 7.
[email protected]