Qingjian Realty (South Pacific) Group on Wednesday laid the foundation for what it touts as Singapore’s first Internet-ready executive condominium (EC), with the signing of a memorandum of understanding with telco Singtel and lifestyle app hiLife.
iNz Residence will improve on the smart living features first seen in the Visionaire, launched last year by Qingjian Realty as the first EC with smart homes.
Units will be equipped with fibre broadband and the hiLife mobile application, allowing home-owners to use their smart homes’ capabilities from the moment they obtain their keys.
The developer declined to reveal the average unit price for the project, but stated that e-applications will begin on Feb 24.
Qingjian Realty executive director Li Jun said: “Homeowners are looking for well-equipped homes to complement their daily lifestyles now and in the future. We will not hesitate to go outside the box and set up new partnerships with the leaders in their industry – Singtel, hiLife – to make their smart living vision a reality.”
Director of R’ST Research Ong Kah Seng said that with iNz Residence’s low land cost of S$295 per square foot (psf) per plot ratio, it is possible that prices could go as low as S$730 psf.
He said: “If this project is launched around S$750 psf or in fact slightly lower, it can expect to have a replay of the excellent buyers’ interest for (nearby EC) Wandervale which was launched about a year ago. Wandervale was sold at about S$760 psf, and this pricing certainly matches buyers’ affordability and ability to get sufficient loans.”
JLL national director Ong Teck Hui said: “New ECs are still in demand, provided pricing is realistic. In 2016, 3,999 new ECs were sold, a 57 per cent increase over the 2,550 units sold in 2015. The Choa Chu Kang area has been popular with EC buyers, so we can expect good interest from potential buyers.”