The latest Executive Condominium (EC) project, located in Canberra Drive in the northern part of Singapore, has received relatively strong response in its opening weekend.
The Brownstone received about 300 e-applications over the weekend of Jul 11 and 12, with more than 2,000 visitors at its sales gallery. This was despite a highly competitive market with a number of new EC launches in recent months.
Property watchers said the 638-unit EC is attractive primarily because of its location next to the upcoming Canberra MRT station.
Said ERA’s Key Executive Officer Eugene Lim: “The project is located within the northern part of Singapore and is slated to be the next high growth area to be developed into a commercial, as well as lifestyle hub.
“Secondly, we are a short distance from the upcoming Canberra MRT station, and generally projects near MRTs tend to attract a larger crowd.
“Thirdly, we have a huge support base, as we are surrounded by a very established HDB housing estate in Yishun, Sembawang and Woodlands, and this will provide a huge base for upgraders into the EC market.”
Units are priced from S$599,000 for a two-bedroom condo to about S$1.3 million for a five-bedroom penthouse.
ECs were introduced to cater to Singaporeans who find private property out of their reach. To be eligible, buyers’ gross monthly household income must not exceed S$12,000.
Source : Channel NewsAsia – 12 Jul 2015