344 units sold in Esparina Residences EC

[mr funny]

http://www.todayonline.com/Business/...to-Esparina-EC

Buyers flock to Esparina EC

05:55 AM Oct 06, 2010


The first executive condominium (EC) launched in more than five years has received strong response from prospective buyers.

The Esparina, located in Sengkang, has attracted 1,155 applications or more than double the 573 units available, according to its developer Frasers Centrepoint.

According to property experts, there is pent-up demand for such housing and its affordability is an attraction for buyers, especially those among the sandwiched income class. The units in Esparina, are priced at $730 to $750 per square foot on average.

The proximity to Buangkok MRT Station is another contributing factor towards the popularity of The Esparina among buyers, housing agents said.

The project is the first EC to be launched since the La Casa in 2005 in Woodlands.

And there are at least three more developments set for launch this year, which observers believe will help cater to demand for such developments. Ryan Huang

[proud owner]

http://www.todayonline.com/Business/...to-Esparina-EC

Buyers flock to Esparina EC

05:55 AM Oct 06, 2010


The first executive condominium (EC) launched in more than five years has received strong response from prospective buyers.

The Esparina, located in Sengkang, has attracted 1,155 applications or more than double the 573 units available, according to its developer Frasers Centrepoint.

According to property experts, there is pent-up demand for such housing and its affordability is an attraction for buyers, especially those among the sandwiched income class. The units in Esparina, are priced at $730 to $750 per square foot on average.

The proximity to Buangkok MRT Station is another contributing factor towards the popularity of The Esparina among buyers, housing agents said.

The project is the first EC to be launched since the La Casa in 2005 in Woodlands.

And there are at least three more developments set for launch this year, which observers believe will help cater to demand for such developments. Ryan Huang

so for a 1281 sqft unit ... the 30k grant reduces it from 750 to 727 psf ?

[Komo]

Is the grant a carrot dangling trap hole?

[mr funny]

http://www.businesstimes.com.sg/sub/...07705,00.html?

Published October 9, 2010

344 units sold in Esparina Residences EC

By UMA SHANKARI


A TOTAL of 344 units were sold in Frasers Centrepoint's 573-unit Sengkang executive condominium (EC), Esparina Residences, as of 6pm yesterday.

The developer had received 1,155 applicants for the project since it was launched on Sept 30. Eligible applicants with a ballot number had priority to enter the showflat for the balloting and booking of units yesterday.

But only 344 units were sold. Because of the balloting process, some potential buyers could have decided not to purchase a unit at all if their preferred unit had been sold. In particular, three-bedroom units, penthouses and dual-key units (which are units that can be divided into two separate apartments with different entrances) proved to be popular, Frasers Centrepoint said.

Prices at Esparina Residences range from $590,000 to $723,000 for a two-bedder; $697,000 to $981,000 for a three-bedder; and $1 million to $1.18 million for a four-bedroom unit. Penthouses are priced at between $864,000 and $1.3 million. On a per square foot (psf) basis, unit prices range from $730 to $750 psf on average.

Esparina Residences is the first EC project to be offered to homebuyers since end-2004.

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

Another EC project, MCC Land's 406-unit The Canopy in Yishun, previews this weekend. MCC Land has priced the units at an average of $600 to $700 psf. Unit sizes at the 99-year leasehold project range from 872 sq ft to 1,410 sq ft in two, three and four-bedroom configurations. There will also be 22 penthouses of between 2,088 and 2,239 sq ft.

[mr funny]

http://www.straitstimes.com/Money/St...ry_588474.html

Oct 9, 2010

Esparina Residences sells 344 units in 1 day

Big crowd at balloting for units at first EC to be launched in 5 years

By Esther Teo


BUYERS snapped up 344 units of Esparina Residences, the first executive condominium (EC) to be launched in five years, on the first day of sales yesterday.

Dual-key apartments, a studio attached to either a two- or three-bedder for extended families to live together, were the most popular with 61 of the 71 available sold, said developer Frasers Centrepoint Homes. Three-bedders were next with 212 of 283 sold, while 12 of the 20 penthouses went.

Experts say the huge response was expected as the project located near Buangkok MRT station had been more than 100 per cent oversubscribed with 1,155 applications for the 573 units.

Pent-up demand from first-timers who will be able to make use of the $30,000 CPF housing grant and more affordable prices compared with mass market condos also added to the interest.

Frasers said on Wednesday that almost 75 per cent of the applicants were young professionals aged between 25 and 40, with half of all applicants falling within the $8,000 to $10,000 income bracket - the so-called sandwich class.

Mr Jonathan Tee, 22, booked a 1,001 sq ft three-bedroom unit with his girlfriend for about $750 per sq feet (psf).

'We think that the price offered is quite attractive, it is a good location near the MRT plus Frasers is also one of the top developers,' he added.

Another buyer, Mr Chua and his fiance - whose ballot number was picked after three agonising hours of waiting - said their first choice had gone but they decided to go for another three-bedroom flat on a lower floor instead.

HSR chief executive Patrick Liew said that 'response has been tremendous' as the undersupply of ECs over the past five years meant that demand has stayed high. He expects the project to sell out 'in a short while'.

Mr Steven Tan, executive director of residential at the OrangeTee agency, said the project's high take-up rate on a single weekday was very encouraging.

'If they miss this, buyers might have to wait for a while to have another EC site so close to an MRT station... If they wait, they might also exceed their income ceiling so they might have chosen to buy now,' he added.

MCC Land's viewing of its EC The Canopy at Yishun Avenue 11 begins today. Bookings start next Saturday.

The 99-year leasehold, 406-unit project will offer two-, three- and four-bedroom units ranging from 872 sq ft to 1,410 sq ft, and 22 penthouses between 2,088 sq ft and 2,239 sq ft. Average prices will range from $600 psf to $700 psf.

OrangeTee's Mr Tan said The Canopy will be catering to a different catchment of buyers in the Yishun and Woodlands area compared with Esparina Residences but he expects response to be similarly strong.

Its lower psf price also meant that it could meet the needs of more price-sensitive buyers, he added.

Despite the high number of applicants, not all flats were sold as some potential buyers might have backed out after not being able to get their preferred units. With 95 per cent of the units reserved for first-timers, second-time applicants were turned away two hours into the ballot after the quota was reached.

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