Tampines EC 'presidential suite' to be priced at $2.05m

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http://www.straitstimes.com/premium/...-205m-20121227

Tampines EC 'presidential suite' to be priced at $2.05m

Published on Dec 27, 2012

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.

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http://www.straitstimes.com/premium/...-unit-20121228

Interest growing over $2m EC unit

12 people eye big penthouse with 1,600 sq ft roof terrace

Published on Dec 28, 2012

By Esther Teo Property Reporter


THE $2 million-plus price tag does not seem to have dampened interest among potential buyers for a spacious executive condominium (EC) that hits the market tomorrow.

At least 12 people have expressed interest in the "presidential suite" at CityLife @ Tampines, according to Global Property Strategic Alliance, the marketing agent.

The prized unit comes with 4,349 sq ft of space, including a roof terrace of about 1,600 sq ft, and can be yours for an EC price record of $2.05 million.

Other large apartments at the 514-unit project also garnered healthy interest yesterday, the second day of the showflat preview. Bookings open tomorrow, with average prices of $770 per sq ft (psf).

The overall prices of some of the larger units are also pushing price boundaries. The six skysuites range from $1.36 million to $1.7 million, while the 16 penthouses start at $1.07 million and shoot up to the presidentially priced $2.05 million.

Skysuites are just below the penthouse floor and have four or five bedrooms, with a living or dining room that opens out to a wrap-around open terrace.

Potential buyers of such units The Straits Times spoke to are mostly Housing Board upgraders or young couples receiving financial assistance from their parents. Many also indicated they are planning for multi-generational living.

Ms Kwek Pin Pin, 25, and boyfriend David Leong, 27, are eyeing a 2,788 sq ft four-bedroom penthouse that costs $1.45 million.

The couple, who both work for Mr Leong's garment manufacturing family business in Ningbo, have jetted back from China especially for tomorrow's launch.

Mr Leong said he is likely to take out an 80 per cent loan for the unit, and cites "good family backing" in helping him to afford it.

The project's proximity to the airport, the amenities in a mature estate like Tampines and the luxury hotel-style EC concept also appeal to them.

Mr Patrick Chu, 26, who works in the finance industry, also hopes to secure either a penthouse or skysuite. His budget is about $1.5 million.

"It is cheap compared to the private market, and as this project is in a mature estate like Tampines, it also has better resale potential compared to an estate like Punggol," he said.

Aside from the price point, Mr Chu said he and his girlfriend were not keen on the presidential suite as they prefer a higher proportion of liveable space.

While they might be able to afford an apartment of up to $1.2 million on their own with an 80 per cent loan, anything more expensive might require the help of his parents.

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