Strong demand for SkyPark Residences EC

There has been strong response for the last executive condominium (EC) project for the year.

SkyPark Residences, which was just launched on Saturday, has already received 500 online applications for the 506 units it has on offer.

Located in Sembawang, it is the last EC to be launched until the third quarter of next year.

Under restrictions introduced in January, developers have to wait 15 months after winning a land bid before launching a project.

Property analysts say this may be one reason why potential home-buyers are choosing to act now.

Christine Li, head of research & consultancy at OrangeTee, said: “Some of the buyers will be compelled to commit now, because they’re not sure next year whether EC prices will continue to go up.

“But if you look at the land bids for the last few EC parcels, you’ll realise developers might not launch the EC at the same price as of today.”

ECs are also unaffected by the latest HDB loan restrictions — another reason why analysts say ECs may be popular.

While waiting for new EC projects to be launched next year, property analysts also say some may choose to go to the HDB resale or Build-To-Order market.

Source : Channel NewsAsia – 12 Oct 2013

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