Tag Archives: Executive Condominium

Twin Fountains’ $1.64m penthouses sold out

Posted on 14 May 2013 | Comments Off on Twin Fountains’ $1.64m penthouses sold out

The Twin Fountains executive condominium (EC) in Woodlands has seen strong interest from buyers, with the only two available penthouses sold for S$1.64 million each. Aside from both units which are vast – measuring 2,207 sq ft, 104 dual-key units were also snapped up, The Straits Times reported.

Jointly developed by Frasers Centrepoint and Lum Chang, the development comprises 418 units of which 289 were sold as of Saturday. Buyers showed keen interest for the four-bedroom, dual-key units priced at around S$1.13 million to S$1.25 million.

According to the report, the dual-key units at Twin Fountains were exempt from January’s new regulations which limits the sale of such homes to multi-generational families, hence the strong response.

Location may have also been another key selling point, with the upcoming Woodlands South MRT station and Woodlands Regional Centre expected to boost the value of homes in the project.

Meanwhile, first-time buyers accounted for 39 percent of the applicants, while the remainder were HDB upgraders.

“It is extremely encouraging to see that nearly 70 percent of the units have been booked on the first day of our launch,” said Cheang Kok Kheong, Chief Executive at Frasers Centrepoint Homes.

Twin Fountains is the first EC launched for sale this year. It is set to obtain TOP by October 2016.
Source : GURU – 13 May 2013

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Posted in HDB, Property Transactions

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EC site in Woodlands attracts seven bids; top bid of $216m by Qingjian Realty

Posted on 10 May 2013 | Comments Off on EC site in Woodlands attracts seven bids; top bid of $216m by Qingjian Realty

An executive condominium (EC) site in Woodlands has attracted seven bids from developers, according to the Housing & Development Board (HDB).

The 99-year leasehold site at Woodlands Avenue 5/Woodlands Avenue 6 fetched a top bid of S$216 million from Qingjian Realty (South Pacific) Group.

That’s about 9 percent above the second highest bid of S$198 million tabled by Bellevue Properties, a wholly-owned subsidiary of City Development’s Verwood Holdings.

Analysts say the top bid of S$216 million works out to about S$341 per square foot per plot ratio (psf ppr).

And that is higher than previous bids for nearby sites at S$318 psf ppr and S$302 psf ppr last year

HDB says the site, which spans over 21,000 square metres, can potentially yield 590 residential units.

Desmond Sim, Associate Director of CBRE Research, said, “The relatively higher bid reflects developers’ renewed confidence in the area following the government’s announcement on Woodlands as Singapore’s new commercial hub in the land-use plan in January 2013… we expect interest in the next few EC plots this year to remain strong as there is a genuine need and demand for ECs. Developers are still positive about the EC market.”

ERA Realty Network expects selling price for units built on the site to start at $830 psf.

“This is the first EC land sale allocated after the new cooling measures were introduced. It can be seen that developers are still hungry for land sites to build up their land bank,” said Eugene Lim, key executive officer at ERA.

Cooling measures introduced in January this year will apply to this site.

Among them are restrictions on the maximum size of EC units and guidelines on private enclosed spaces or private roof terraces.

Under the new rules EC developers will also only be able to market their projects 15 months from the date of award of the sites.

Including this latest site, there are now four EC projects in Woodlands. The other three are La Casa, Forestville and Twin Fountains.

HDB says decision on the award of the tender will be announced at a later date.

Source CNA – 9 May 2013

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Posted in HDB, Land Sales

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