Applications have opened for The Amore, an executive condominium (EC) project at Punggol Central.
It is the last EC on the market without a resale levy and the deadline for applications is next Sunday (Dec 21). The 395-unit EC project is expected to be completed in 2018. It is selling at S$780 to S$800 per square foot.
Some analysts Channel NewsAsia spoke to say property cooling measures have also affected the EC market. But with more ECs expected to be launched in the west next year, analysts say there might still be a demand for these properties as there haven’t been EC launches in the area for a while.
“I believe the west side will still continue to do well, especially next year because of the pent up demand – there hasn’t been any EC launches in the last couple of years,” said PropNex key executive officer Lim Yong Hock.
But GSK Global CEO Eric Tan warned: “The economy is slowing down, and everybody is facing the problems of getting loans. I think this trend will continue especially in areas where there are already a few EC projects, and it’ll continue for the next one to two years.”
Source : Channel NewsAsia – 13 Dec 2014