http://www.businesstimes.com.sg/real...erway-launched

Exec condo along Punggol Waterway launched

By Lee Meixian

[email protected]@LeeMeixianBT

7 Nov


DEVELOPER Kheng Leong on Thursday announced the launch of The Terrace, an executive condominium (EC) beside Punggol Waterway.

Indicative prices are, on average, between S$770 and S$840 per sq ft (psf). The developer declined to provide more specific quantum prices, saying it will do so only closer to its e-application start date, Nov 21.

The 747 units at The Terrace comprise a mix of three-, four- and five-bedroom units, along with several penthouse and sub-penthouse units facing the Waterway.
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Three-bedders start at 1,001 sq ft; four-bedders, from 1,313 sq ft, and penthouses, from 1,711 sq ft.

Bookings for another EC in northeastern Singapore, Qingjian Realty's Bellewaters, begin on Friday. Prices start at S$744 psf or S$772,000 for three-bedders, $864,000 for four-bedders and S$937,000 for "CoSpace units", which offer the option of merging the utility room and study to create a room.

R'ST Research director Ong Kah Seng described the expected S$800,000-to-S$820,000 price for three-bedders at The Terrace as "reasonable and affordable". The psf prices are on par with earlier Punggol projects such as Ecopolitan EC, which launched in July last year, but the 30 per cent mortgage servicing ratio (MSR) which kicked in late last year will hurt sales.

The size of the project, at over 700 units, the lack of loan-quantum-friendly two-bedders, and the big pipeline of upcoming EC units in north-eastern Singapore will slow sales down; another Punggol EC, The Amore, is also likely to be launched soon.

Mr Ong said: "I expect about 40 per cent of The Terrace to be sold in the first two months."

The development is near the Learning Corridor and Creative Cluster that is being developed; Safra's multi-million dollar complex, the Punggol Town Hub and the upcoming Waterway Point shopping mall will provide recreational and entertainment options, Kheng Leong said. These amenities are just a few stops away from Kadaloor LRT station, which is next to The Terrace. The recently announced Cross Island Line will also run nearby.

The show gallery opens to the public from Nov 14. E-applications will be taken from Nov 21 to 30; balloting takes place on Dec 7.