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Thread: Developer keen on more EC penthouses

  1. #1
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    Default Developer keen on more EC penthouses

    http://www.straitstimes.com/archive/...ouses-20130101

    Developer keen on more EC penthouses

    Published on Jan 01, 2013


    THE developer of Citylife @ Tampines, an executive condominium (EC) that sparked controversy over a huge $2.05 million penthouse, is keen on building penthouses in future EC projects.

    "Based on the good response for the penthouses... we will attempt to do it better for our future projects, if that avenue is still available to developers," Amara Holdings chief executive Albert Teo told The Straits Times yesterday in an e-mail message.

    "We will be open to developing other EC projects as long as there are any such viable opportunities."

    When asked to elaborate on what "do it better" meant, Mr Teo said he was referring to "better designs and ability to meet the needs of home buyers".

    Mr Teo added that the penthouses at Citylife "seem to appeal to multi-tier families desiring to live under one roof", and called this "a pro-family practice to be encouraged".

    Citylife also has three-bedroom and four-bedroom dual-key units. Dual-key units allow for multigenerational living or leasing.

    Amara leads the consortium that developed the 514-unit Citylife @ Tampines. Its partners are Kay Lim Holdings and SingXpress Land.

    Citylife was launched last Saturday, and all its 16 penthouses were snapped up by noon that day.

    The project saw strong sales at the weekend. More than 90 per cent of the units were sold over two days, said Mr Jeffrey Hong, chief executive of Global Property Strategic Alliance, which is Citylife's lead marketing agent.

    Mr Teo said that the "overwhelming response is largely within expectations".

    "We strongly believe that this will appeal to the sandwiched class, which is characterised by more sophisticated taste in homes, home lifestyles and interior decoration," he said.

    But Mr Teo added that the homes Amara will build in future will remain "in line with (the) authorities' direction and requirements".

    The Ministry of National Development warned last Friday that it is closely watching developments in the EC segment.

    It had told The Straits Times that it will consider further measures if needed, regarding the sky-high prices of some EC units.

    "Minister for National Development Khaw Boon Wan has recently blogged about his concerns that the EC developers should observe the intent and spirit of the EC housing scheme when marketing their projects," a ministry spokesman said.

    The latest focal point in the debate over EC prices is Citylife's huge 4,349 sq ft "presidential" penthouse suite, which includes a 1,600 sq ft roof terrace.

    It became the first EC unit to eclipse the $2 million mark last Saturday, when it was sold to a multigenerational family.

    Industry players have raised suggestions such as imposing a minimum number of units to be built on an EC site, or a maximum size for an EC apartment.

    MELISSA TAN

  2. #2
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    Jul 2009
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    Default

    heh, they not getting the signal this fellow.

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