70 units sold at The Amore EC launch

The Amore EC – the last executive condominium (EC) for which HDB upgraders do not need to pay a resale levy – opened for booking on Saturday (Jan 17).

The project has 378 units on offer. As of 3pm, about 70 units have been sold. Channel NewsAsia understands that buyers picked up mostly the three-bedroom units, which make up 65 per cent of units sold.

Potential buyers whom Channel NewsAsia spoke to said prices start from S$660,000 for a 2-bedroom unit to almost S$1.4 million for a 5-bedroom unit – that is before a 10 per cent discount offered by the developers.

The EC project is located in Punggol, where another executive condo – The Terrace – was launched just a month ago. The Terrace has 619 unsold units, according to latest figures from the Urban and Redevelopment Authority.

Altogether, six EC projects were launched in Punggol over the past three years. Real estate firm Century 21 Singapore said this could have affected sales for The Amore.

Ku Swee Yong, CEO of Centruy 21 Singapore said: “If you were to expand the geography further to include Sengkang and Upper Serangoon, there have been about 10 ECs in the past three years. And then with the many new pieces of land sold, slated for executive condos, the EC segment itself is probably diminishing in terms of overall potential new demand.”

Mr Ku added that the government could consider allocating less land to executive condominiums in its land sales programme for the next two years. “Everything is sort of indicating that perhaps this category of product, in terms of government land sales, could probably take a back seat for the next two years before we build up a potential demand.”

Source : Channel NewsAsia – 17 Jan 2015

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