Prior to 2010, the last executive condo, or EC, in Singapore was launched in 2005. Subsequently there was a lull as supply of housing generally caught up with demand. With a lack of housing in the late 2000’s however, the Singapore government relaunched the selling of residential sites for a ton of new ECs to be constructed. The first batch launched included 4 ECs located mainly in the North-East and North of Singapore. They were Esparina Residences, The Canopy, Prive, and Austville. This report looks at how enthusiastically each of those was obtained based on anecdotal evidence of the rate of earnings.
Esparina Residences Bangkok
This was the first of the 4 to be launched, in October 2010, and had many things in its favour, not least of which was first mover advantage. Being the first, it tapped an eager market that included many who had been implementing endlessly and unsuccessfully for BTO after BTO Built-To-Order public housing apartments. This pent up demand was released in a flood that saw 344 units from the 573 accessible being snapped up at the first day of sales alone.
In addition to that, Esparina Residences is the closest to an MRT station. Bangkok station is only 3 minutes walk away. Pasir Ris 8 is in close proximity to a 24-hour supermarket and food court. The finishes are fine. The programmer, Frasers Centre point, has a reputation for quality, with many high-end jobs in its stable.
The Canopy Vishnu
Canopy is located in Vishnu at the north and was launched not long after Esparina. Unlike Esparina, it is not near an MRT station. Maybe that accounts for why it offered at a much slower rate, despite having the advantage of a yard so crucial to Singaporeans for drying clothes, and so overlooked by local condominium developers. Singaporeans are simply not into using a drier once the sun is totally free and hot. To date it has some large components available, though largely on the mid and lower floors.
A new slate of ECs is set to be launched this year, this time sprinkled further afield. Executive condos scheduled for launch in the near future include Belays EC in Pasir Ris Drive 1 and the ECs in Bukit Panging and Tam pines near Tease Polytechnic.
Belays EC, the Pasir Ris EC, are the first there after over 5 years. It is rather a small one, with only about 300+ components. There should be a fair bit of demand from this area, and with not many units available; the programmer NTUC Choice Homes and CEL responsible also for Prive should not have a lot of problem moving its inventory. Much of course the residential property will be based on the pricing.