MCC Land to launch executive condominium at Yishun

Developer MCC Land is launching its first residential project, The Canopy Executive Condominium, at Yishun from October 9 to 13.

The 99-year leasehold 406-unit project will offer a full range of condominium facilities.

Sizes for the Executive Condominium range from about 872 square feet to 1,410 square feet for two to four bedrooms.

The project will also have 22 penthouses sized between 2,088 and 2,239 square feet.

Marketing agent, CB Richard Ellis (CBRE) said prices are expected to range between an average of $600 to $700 per square foot.

CBRE said the Canopy is located in the well-established mature estate of Yishun, supported by a comprehensive range of amenities and schools. Within the grounds, the developer has paid a lot of attention to designing an eco-friendly project. BCA has awarded The Canopy the BCA Green Mark Gold Plus Standard.

Tan Zhi Yong, MCC Land Managing Director, said: “We made a conscious decision to build a basement carpark to maximise greenery on the surface level. Given that we are catering to families with young children, we want to ensure that there are enough open spaces. The apartment sizes are relatively larger than previous EC projects. With its affordable pricing, we are confident that The Canopy will attract a lot of interest.”

MCC Land said the Yishun Avenue 11 project has been attracting a lot of interest from potential buyers.

Bookings will start from October 16.

Joseph Tan, CBRE Executive Director for Residential, said: “We expect keen interest from first-time buyers who will be able to make use of the $30,000 CPF housing grant, less immediate cash outlay compared to HDB resale flats and with no Cash Over Valuation to pay.

“Financing has also been eased for upgraders who need not pay a resale levy ranging from $15,000 to $50,000 when they buy a new EC flat. These conditions make for an attractive investment for investors with a medium-to-long term view.”

This is the second Executive Condominium launch in less than a month.

Frasers Centrepoint Homes launched Esparina Residences, an Executive Condominium, on September 30th.

Executive Condominiums are now making a comeback after five years as the government steps in to ramp up flat supply for middle-income home buyers.

Source : Channel NewsAsia – 7 Oct 2010

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