Esparina Residences sells 344 units on first day

BUYERS snapped up 344 units of Esparina Residences, the first executive condominium (EC) to be launched in five years, on the first day of sales yesterday.

The most popular units are the dual-key apartments, a studio attached to either a two- or three-bedder for extended families to live together, said developer Frasers Centrepoint Homes.

Experts say the great response was expected as the project located near Buangkok MRT station had been more than 100 per cent oversubscribed with 1,155 applications for the project’s 573 units.

Pent-up demand from first-timers who will be able to make use of the $30,000 CPF housing grant and more affordable prices compared with mass market condos also added to the interest.

75 per cent of the applicants were young professionals aged between 25 and 40, with half of all applicants falling within the $8,000 to $10,000 income bracket.

HSR chief executive Patrick Liew said that ‘response has been tremendous’ as the undersupply of ECs over the past years meant that demand has stayed high. He expects the project to be sold out ‘in a short while’.

Mr Steven Tan, executive director of residential at OrangeTee, said the project’s high take-up rate on a single weekday was very encouraging.

‘If they miss this, buyers might have to wait for a while to have another EC site so close to an MRT station… If they wait, they might also exceed their income ceiling so they might have chosen to buy now,’ he added.

Despite the high number of applicants, not all flats were sold as some potential buyers might have backed out after not being able to get their preferred units. With 95 per cent of the units reserved for first-timers, second-time applicants were turned away two hours into the ballot after the quota was reached.

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