Around 400 online applications was received for its 416 units at about 5pm on Tuesday at the executive condominium (EC) project, Watercolours in Pasir Ris.
Watercolours is the only Housing and Development Board project among the four developments located at the junction of Pasir Ris Link and Pasir Ris Drive 3.
The other three developments are private condominium projects Ripple Bay and Seastrand, and an upcoming project by private developer Hoi Hup which could be launched around June.
The marketing agent at Watercolours is confident the EC will attract young couples and those who’ve just tied the knot.
In an interview with Channel NewsAsia, Mr Jeffrey Hong, CEO of Global Property Strategic Alliance, said: “This is the only EC which comes with a two-bedder so this will be very much well-received by the newly-weds.”
Average expected prices for two-bedder EC units starting from 743 sq ft are between S$500,000 and S$600,000, while three-bedroom units starting from 915 sq ft will cost from S$600,000 to S$700,000.
Potential buyers said the units are affordable, with indicative unit prices at about S$680 to S$720 per square foot.
Analysts said the EC market can ride on the private condominium projects.
Donald Han, special advisor at HSR, said: “The crowd is definitely different. For the Watercolours, there are government grants being given out up to S$30,000 whereas Ripple Bay is a full-fledged mass market private condominium project. For Ripple Bay, one can resell, so it provides liquidity and potential exit for owners.”
The developers of the Watercolours expect strong response and believe it’ll be oversubscribed.