The prices of ECs are expected to rise in 2019 to almost S$1000 psf. This is due to the fact that the prices of condos are increasing and this can be verified by the tender bid of the Piermont Grand EC which cost S$583 psf. Looking back and analyzing the previous market insights, it’s clear that the price for Executive Condominium was so overwhelming in 2017. In addition to that, Hundred Palms Residence, a residential development that is located in Yio Chu Kang Road completely sold out within 7 hours right after it was launched. It’s worth noting that more than 2,700 applicants had registered online in a span of 14 days, 5 days before the development was launched. This is one of the ECs that had massive sales in history as well as the highest subscribers.
Price of Executive Condominiums
The cost of these new private residential developments is expected to hit the S$1,300 –S$1,500 per square feet. Note that a property with 1,000 square feet is estimated to cost between S$1.3 and S$1.5 million. What makes it difficult for the HBD upgrader to afford this type of property is that they can only invest a maximum of S$1 million.
Nevertheless, the price of Piermont Grand Executive Condominium will still be influenced by other factors which include the numerous amenities which are found within the development as well as the surrounding areas. There is a high number of bids which have been submitted already for the Piermont Grand in Sumang Walk. The high public interest will play a crucial role in determining the level of unit demand as well as the prices for acquiring the Piermont Grand Executive.
New ECs Piermont Grand High Demand Due to Shortage of Supply
Although this EC has not yet been completed, there is a couple of some condo units which are currently in the market and they are expected to sell faster thanks to the high buyer demand. 1st-time property buyers and HDB upgraders can use this opportune moment to purchase the unsold units in Piermont Grand Executive Condo. It is set to be launched soon while the remaining two suites will be launched later.
What makes this condo even more attractive is that it can be privatized fully after 10 years. This means that a property buyer can still use CPF grants if they are interested in buying an EC. Other key features that make this EC stand out include its close proximity to a number of amenities which include the hawker center, childcare center, and a refurbished community club. Additionally, the Punggol area which this condo is located in is highly digitized and residents will have access to a wide variety of facilities at a cheaper cost. The pace of growth of the Punggol area is so fast and this means that if you don’t purchase a property now, you might not be able to do it in the future.
Executive Condominium Over Private Properties
This condominium can be described as the perfect combination of public and private housing. Property buyers have the opportunity to acquire private units and still have access to various government subsidies. Note that ECs used to have very low resale values, unlike private condos which were quite costly. However, the market keeps on shifting so the gap has reduced to around 9 percent. After privatization, this gap is expected to reach 5 percent.
Property buyers should be aware that those ECs which are acquired using subsidies from the government at cheaper prices have high chances of appreciating. So, if you want to purchase this remarkable property, all you need to is register. The property is located in a convenient, safe, serene and prime area. Furthermore, plans are underway by the government to develop this area so that it can be a business park, commercial hub, and a residential area.