$2.05m Executive Condo

[avo7007]

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.

[mantrix]

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.

If i can qualify i'll buy this if i get my ballot

Landed in the sky

[avo7007]

If i can qualify i'll buy this if i get my ballot

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?

[blackapple]

If can afford 2 million public housing, why tax payer need to subsidy them ?? Lousy PAP policy again...

[avo7007]

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.

[lajia]

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??

[kane]

Subsidise a 4000+sqft ph buyer? They can walk into east coast area and buy a 3 bed any day.

[flxcat]

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?

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

[avo7007]

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.

[roly8]

If can afford 2 million public housing, why tax payer need to subsidy them ?? Lousy PAP policy again...

yea lor..

[lajia]

no wonder the developer can sell now.....i just make a guess, are you under 35yrs old?

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]

grab grab grab fast.... these will be the last few limited edition pieces... ah cow coming in and whacking soon...

[flxcat]

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

[flxcat]

no wonder the developer can sell now.....i just make a guess, are you under 35yrs old?

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.

[phantom_opera]

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 ...

with the same amount of $$, it is better to hoot multiple MMs so you can sell one by one after 4y SSD

[chestnut]

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 ...

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

[DKSG]

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

[flxcat]

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 ...

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

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!

[DKSG]

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]

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.

[maisonjai]

EC - Extra Cooling measures needed from gov for biggie units....hahaha

[radha08]

grab grab grab fast.... these will be the last few limited edition pieces... ah cow coming in and whacking soon...

i also say...

[radha08]

EC - Extra Cooling measures needed from gov for biggie units....hahaha

EXTENSIVE cooling u mean

[yjcai]

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?

[zzz1]

If i can qualify i'll buy this if i get my ballot

Landed in the sky

nope..

is should be called landed in sky high...

[roly8]

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 ...

with the same amount of $$, it is better to hoot multiple MMs so you can sell one by one after 4y SSD

nice post

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..

[Rosy]

How about 2nd timer?

[acidic.straw]

"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?

[focus]

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 .

[price]

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 ...

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?