About a third of Waterwoods EC units sold

About one-third of the units at the newly launched Waterwoods executive condominium (EC) project in Punggol have been sold over the weekend.

The project comprises a total of 373 units.

Among the units sold were five-bedroom units and maisonettes with private lift lobbies.

Developer Sing Holdings said more than half of the 48 units with private lift lobbies have been snapped up.

Waterwoods is the first EC project in Singapore to offer this feature — which is more commonly associated with upscale apartments.

It is one of two last EC projects that will be launched for sale this year.

The average transacted price of units sold at Waterwoods over the weekend was S$800 per square foot (psf).

Meanwhile, the developer of Skypark Residences at Sembawang, JBE Holdings, is optimistic about response to its project — which will be launched later this month.

Its showflat will be open for preview on November 13.

The 506-unit development has been oversubscribed by over three times.

Skypark Residences will be the first EC project to offer a roof-top garden, with a jogging track and a sky lounge.

It will offer 28 maisonettes and a range of three- to five-bedroom apartments with sizes starting from over 1,100 square feet.

Market watchers expect units at Skypark Residences to be priced at an average of S$750 to S$820 per square foot.

Patrick Lam, director of JBE Holdings, said: “Next year, we will see a dwindle in EC launches to roughly less than three, or maximum four launches.

“So we do see a decline in EC supply in the next few years. With EC demand remaining strong, there is a likelihood that EC prices will go up in the future.”

Analysts expect some pent-up demand for ECs in 2014, as there will probably be no new projects in the market till the second half of the year.

This followed a new ruling, introduced in January 2013, that allows developers to sell units 15 months from the date of award of the site, or after the physical completion of foundation works, whichever is earlier.

Rising land bids, construction and labour costs are also likely to push EC prices higher.

SLP International says the average price of ECs that were launched three years ago hovers around S$680 to S$730 psf, lower than prices today.

Nicholas Mak, executive director at SLP International Property Consultants, said: “In the last 12 months, some of the ECs that were launched were priced at about S$750 to S$850 psf.

“And based on some of the land tender for executive condominium (plots) that were closed, I think the developers may be planning to launch at prices that are above S$800 to even as high as S$880 psf.”

Excluding Waterwoods and Skypark Residences, some 2,460 EC units have been launched this year, with about 70 percent of them sold as at the end of September.

Some analysts say the demand for ECs has been growing over the last two years, partly fuelled by rising private home prices in the suburban areas. For example, the average selling price of a mass market unit ranges from S$1,000 to S$1,500 per square foot.

Source : Channel NewsAsia – 4 Nov 2013