The executive condominium (EC) – only the second to be launched in the last five years – has 406 units in total. In the first month of sale, 95 per cent of the units are set aside for first-timers, which means upgraders and other buyers can only buy 5 per cent of these units.

Thereafter, the remaining unsold units will be opened up to all buyers. Mr Tan expects better sales then, saying demand is especially strong from upgraders.

The project drew about 450 applications for its units, Mr Tan said. Some applicants dropped out of the race because their monthly income levels exceeded the $10,000 cap imposed on EC buyers.

Several hundred interested buyers thronged the showroom over the weekend, Mr Tan said.

But not all the visitors ended up booking a flat, because while ECs have risen in price and quality over the last 10 years, the income ceiling for eligible buyers has stayed the same.

This means many buyers who can afford the units in The Canopy have breached the income cap, he said.

‘A lot of buyers asked us to appeal for them, some saying that they had just crossed the income ceiling this month only.’

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Its showflat attracted mainly young families and residents living around Yishun, with about 60 per cent of those present being young couples aged 35 and below.

Although some buyers are still cautiously observing the property market, estate agents feel that the ECs could appeal to a sandwiched income class.

Joseph Tan, Executive Residential Director with CB Richard Ellis believes that there is still an interest in EC projects.

“I think this move shows that there is an anticipation to fill in the gap and demand. But at the end of the day, it’s still pricing…because so long there’s a sufficient differential between the EC pricing and private condominiums, there is definitely a demand for an EC market, given current pricing today,” said Mr Tan.

As for The Canopy, its developer said its location in a mature estate is attracting a certain group of buyers.

“A majority of residents in Yishun are families with grown-up children in their 20s or 30s, who want to raise their own families but still want to live near their parents,” said Tan Zhiyong, Managing Director of MCC Land.

The project consists of 406 units, going for an average of S$600 to S$700 per square foot.

Source : Channel NewsAsia – 11 Oct 2010

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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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