Since its launch on Saturday, the new executive condominium (EC) project in Yishun, The Canopy, has attracted 240 applicants over the weekend.
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