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Punggol EC attracts 130 applicants

Published on Feb 11, 2012


An artist's impression of the Twin Waterfalls executive condominium in Punggol. The 99-year leasehold project has 728 units spread across 12 towers. -- PHOTO: FRASERS CENTREPOINT

THE 728-unit executive condominium (EC) project Twin Waterfalls in Punggol drew interest from about 130 potential home buyers on the first day it opened for applications yesterday.

Joint developers Frasers Centrepoint and Keong Hong Holdings said the project in Punggol Walk will be priced at an average of $698 per sq ft (psf).

Experts say that while the number of interested home hunters so far might not be high, the bulk of the applications are likely to come in over the weekend as home buyers visit the showflat.

HSR Property Group senior adviser Donald Han expects the project to be one to two times oversubscribed.

The Government has invested substantially in the infrastructure of Punggol, which many first-time buyers are keen on, he added.

'Most ECs are usually priced at more than $700 psf so Twin Waterfalls is being priced competitively... It is a good way to attract home buyers who might be sitting on the fence,' Mr Han said.

The take-up rate for ECs, however, might slow in the second half of the year as more of such projects are launched.

Unit types at the 99-year leasehold project, spread across 12 towers of 17 storeys each, will include three- and four-bedders, dual-key units and penthouses. Dual-key apartments consist of a studio attached to either a two- or three-bedder to enable extended families to live together.

Three-bedroom apartments at Twin Waterfalls will range from 915 to 1,109 sq ft while four-bedroom units are 1,238 sq ft.

Applications can be made till Tuesday while bookings will start on Feb 18.

Another EC project, the 670-unit Tampines Trilliant in Tampines Central 7, was also launched earlier this month.

Sim Lian Group had sold 149 units as of Monday, with 32 of the 48 double-storey penthouses snapped up. The majority of the buyers are families living in the eastern part of Singapore, including Tampines, Pasir Ris and Bedok.

The 5 per cent quota allocated to second-time buyers in the initial launch period has been fully taken up.

EC projects combine elements of private and public housing and often come with premium furnishings and facilities.

ESTHER TEO