MCC Land to launch executive condominium at Yishun

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http://www.businesstimes.com.sg/sub/...07019,00.html?

Published October 5, 2010

High demand seen for The Canopy

Yishun executive condo previews this weekend with units at around $650-$700 psf

By UMA SHANKARI


DEMAND for the second executive condominium (EC) to be launched in the last five years - MCC Land's 406-unit The Canopy in Yishun - is expected to be strong once the project previews this weekend.

MCC Land (Singapore), a unit of Chinese state-owned enterprise Metallurgical Corporation of China or MCC Group, intends to launch all the units at one go at prices of around $650-$700 per square foot (psf).

The 99-year leasehold project at at Yishun Avenue 11 will have 2-bedroom, 2+1-bedroom, 3-bedroom, 3+1-bedroom, 4-bedroom and penthouse units ranging from around 870 sq ft to 2,200 sq ft, MCC Land said.

The launch comes as the first EC development to be offered to homebuyers since end-2004, Esparina Residences at Sengkang, continued to see buoyant showflat turnout since applications opened last Thursday.

Applications continued to come in thick and fast over the weekend.

Developer Frasers Centrepoint has received close to 1,000 applications for the 573-unit development as of Sunday.

'If sales (at Esparina Residences) pan out well, we expect stronger demand for another upcoming EC at Yishun (the 406-unit The Canopy) which is priced lower at $650 psf,' said DMG & Partners Research analyst Brandon Lee.

Units at Esparina Residences are priced from $730 to $750 psf on average.

ECs are a hybrid of public and private housing. New EC units are sold with initial eligibility, ownership and resale restrictions similar to public housing, but these restrictions cease to apply after 10 years.

In contrast to the buoyant EC segment, market watchers said that buyer interest in mass market private homes has waned somewhat since the government introduced fresh measures to cool the property market on Aug 30.

Hoi Hup and Sunway have sold around another 20 units of their freehold Kembangan project Vacanza @ East over the last week, taking total sales in the project to 110 units of the 141 units released. The project has 473 units in all.

And over at Pasir Ris, City Developments also said yesterday that it sold another 23 units at NV Residences last week - taking total sales as of Sunday to 358 out of 400 units released in the 642-unit development.

CityDev previewed the 99-year leasehold development on Sept 8 at an average price of $830 psf but later raised prices by about 1-2 per cent.

[mr funny]

http://www.channelnewsasia.com/stori...085622/1/.html

MCC Land to launch executive condominium at Yishun

By May Wong | Posted: 07 October 2010 1218 hrs


SINGAPORE: Developer MCC Land is launching its first residential project, The Canopy Executive Condominium, at Yishun from October 9 to 13.

The 99-year leasehold 406-unit project will offer a full range of condominium facilities.

Sizes for the Executive Condominium range from about 872 square feet to 1,410 square feet for two to four bedrooms.

The project will also have 22 penthouses sized between 2,088 and 2,239 square feet.

Marketing agent, CB Richard Ellis (CBRE) said prices are expected to range between an average of $600 to $700 per square foot.

CBRE said the Canopy is located in the well-established mature estate of Yishun, supported by a comprehensive range of amenities and schools. Within the grounds, the developer has paid a lot of attention to designing an eco-friendly project. BCA has awarded The Canopy the BCA Green Mark Gold Plus Standard.

Tan Zhi Yong, MCC Land Managing Director, said: "We made a conscious decision to build a basement carpark to maximise greenery on the surface level. Given that we are catering to families with young children, we want to ensure that there are enough open spaces. The apartment sizes are relatively larger than previous EC projects. With its affordable pricing, we are confident that The Canopy will attract a lot of interest."

MCC Land said the Yishun Avenue 11 project has been attracting a lot of interest from potential buyers.

Bookings will start from October 16.

Joseph Tan, CBRE Executive Director for Residential, said: "We expect keen interest from first-time buyers who will be able to make use of the $30,000 CPF housing grant, less immediate cash outlay compared to HDB resale flats and with no Cash Over Valuation to pay.

"Financing has also been eased for upgraders who need not pay a resale levy ranging from $15,000 to $50,000 when they buy a new EC flat. These conditions make for an attractive investment for investors with a medium-to-long term view."

This is the second Executive Condominium launch in less than a month.

Frasers Centrepoint Homes launched Esparina Residences, an Executive Condominium, on September 30th.

Executive Condominiums are now making a comeback after five years as the government steps in to ramp up flat supply for middle-income home buyers. - CNA/fa