Large crowds turned up at the launch of the latest executive condominium (EC) on Friday.
Property developer Sim Lian Group said it hopes Tampines Trilliant, which is located in a mature estate, will attract couples who want to live near their parents.
But with prices as high as S$971,000 for a four-room unit, will home-buyers be turned away?
The launch of Tampines Trilliant saw a large lunch-time crowd – most of whom were upgraders.
The 12-block executive condominium has 670 units for sale, comprising mostly three-bedroom units.
Prices start from S$682,000 for a three-room unit and a whopping S$971,000 for a four-bedroom unit.
Home buyers were mixed in their responses over the prices.
One said it was “a bit expensive”, while another said: “For new launches, I believe the price is quite expected.”
The property is located in the heart of Tampines, in the eastern part of Singapore, with amenities like malls, bus and train stations and even offices, nearby.
Orange Tee managing director Steven Tan said: “We expect the demand for the Tampines Trilliant to be very strong. The existing regional centre and MRT station are already strong pulling factors.”
One real estate company said prices of executive condominiums are usually about 20 per cent below those of mass market condominiums in the vicinity.
ECs were introduced to cater to Singaporeans, especially young graduates and professionals, who can afford more than an HDB flat but find private property to be out of their reach.
ECs are comparable in design and facilities to private condominiums as they are developed and sold by private developers.
ERA Realty group director Mark Teo said: “Although there will be a lot more supply of ECs coming into the market in the next six months to one year, we think that the demand for ECs will still be very strong.
“Many of us have the aspiration to live in a condominium that has facilities, so ECs actually fill this void.”
A check shows that prices for the Trilliant are comparable to the Arc at Tampines, another EC in the area, which was launched late last year.
Prices there range from S$700 to S$800 per square foot.
Application for Tampines Trilliant ends on 31 January.
Source : Channel NewsAsia – 27 Jan 2012