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Northwave EC gets 240 e-applications for 358 units, Treasure Crest EC over-subscribed

Consultants attribute lower subscription for Northwave to weaker transport links

By Lynette Khoo

[email protected]

@LynetteKhooBT

Jul 8, 2016


HAO Yuan Investment's executive condominium (EC) project in Woodlands, Northwave, received 240 e-applications for the 358 available units by the close of its e-application period on Wednesday.

Another EC project by Sim Lian Group in Sengkang, Treasure Crest, was already over-subscribed before its e-application period closes this Sunday, having received 800 e-applications for the available 504 units as of Thursday.

Some consultants attributed this divergence of demand trends to locational attributes.

"The lower subscription level for Northwave is probably a result of the weaker transportation links and the surroundings being a mixed industrial-residential neighbourhood," said Century 21 Singapore CEO Ku Swee Yong.

Northwave is a 10-minute walk to Sembawang MRT Station, whereas Treasure Crest is a relatively short walk to Cheng Lim LRT Station, Sengkang MRT Station and Sengkang Bus Interchange and is close to Tampines Expressway.

Some note that the lower e-applications for Northwave could also be due to an overhang of unsold stock in earlier launched EC projects in the North, namely Bellewoods, The Brownstone, Signature at Yishun and The Criterion.

Balloting at Northwave will be conducted this Saturday. A Hao Yuan spokesman said the average price for the 358 units is S$745 per square foot (psf).

He added that buyers this weekend will enjoy 5 per cent price discount if they opt for normal payment scheme and 2 per cent for the deferred payment scheme . There will also be an additional 2 per cent for all successful e-applicants and walk-in buyers this weekend.

Two-bedroom units (678-753 sq ft) at Northwave will start from S$483,000, three-bedroom units (893-1,130 sq ft) from S$643,000, and four-bedroom units (1,270 sq ft) from S$910,000. The starting price of a three-bedroom penthouse of 1,593 sq ft is S$1.21 million. Northwave is marketed by PropNex and ERA Realty.

Sim Lian's Treasure Crest, which is marketed by OrangeTee and ERA Realty, will start sales and hold its balloting on July 16. The units are priced at S$735 to S$755 psf on average and range from 958 to 1,345 sq ft in size.

According to the developer, the larger units - three-bedroom premium and four-bedroom units - at Treasure Crest have been the more popular options for potential homebuyers. About 48 per cent of them are first-time homebuyers, while the rest are HDB upgraders. The majority of these applicants are currently residing in the North-East region of Singapore, specifically, Punggol, Sengkang and Hougang.

Sim Lian Group executive director Kuik Sing Beng said: "We are heartened by the overwhelming response thus far. This affirms our observation that Singaporean families value the spacious layout of our efficiently designed units, along with its competitive pricing strategy and ideal location which provides great accessibility and close proximity to reputable schools.

"Potential homebuyers also shared with us that quality fittings from Bosch, Hansgrohe and Mitsubishi Electric provide great value as they are comparable to what private condominiums offer."