Brownstone EC receives relatively strong response in opening weekend

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