Archive for category: Misc

The renowned Tampines Ave 11 Condo Capitaland provides a one-of-a-kind residential experience that combines contemporary living and convenience. Located in the prime residential estate of Singapore’s eastern region, this development is near several shopping centres, excellent schools and the public transportation network. Residents can also look forward to being within close proximity of the dynamic Singapore University of Technology and Design (SUTD). This world-class tertiary institution provides an innovative design-focused education that is certain to prepare students for future success. Families living in the area can thus rest assured that their children will have many excellent academic opportunities right at their doorstep!

Altura executive condo at Bukit Batok West Avenue 8 has achieved a record breaking launch day, having sold 61.1% of its 360 units with an average price of $1,433 psf. This pricing tested the affordability threshold of buyers, however the take-up shows that the pricing for most units is within their means.

Qingjian Realty and Santarli Realty, the joint developers of the project, have said that the demand has been driven by its strategic location. It is within a 1km radius of the upcoming ACS Primary school in Tengah and is the only EC launch in 2023.

By comparison to other ECs, the 639-unit Copen Grand EC at Tengah Garden Walk, a joint venture project between City Developments and MCL Land, was launched in Q4 2022 and sold out a month later at an average price of $1,334 psf. The 616-unit Tenet EC, also a joint venture between Qingjian and Santarli, was launched in December 2022 and sold out this July at an average price of $1,382 psf.

The majority of the e-applications and ballot tickets received were from first- and second-timers. The 100 units set aside for second-timers, who are subject to HDB eligibility requirements such as a household income ceiling, 30% mortgage servicing ratio, and a minimum occupation period, were taken up within three hours of the launch day.

Second-timers who purchase the ECs can enjoy an upfront remission on additional buyer’s stamp duty. The e-application period for second-timers will run from September 2 to 11, with sales bookings scheduled on September 16.

These ECs are designed by developers with finishings, fittings, and communal facilities like other private condos, making them a hybrid of the two. Altura will receive a further boost in prices with ACS Primary’s move to Tengah in 2030 and becoming a co-ed school.

Though buyers of ECs are restricted to Singapore citizens or Permanent Residents for 5-10 years. After the 10th year of occupancy period, the EC can be sold to foreigners as with a typical 99-year leasehold private condo.

However, buyers of ECs cannot tap HDB housing loans but must use banks to finance their purchases. Banks will use a medium-term interest rate of 4% to compute the loan amount.

Those interested in buying ECs can take up the Deferred Payment Scheme (DPS), which offers buyers more flexibility and time to make their down payment. Present indications show that most buyers at Altura’s launch opted for the DPS.

With upcoming second-timer sales and 30 days’ worth of the second-timer quota being lifted, PropNex’s Ismail Gafoor predicts that Altura should be at least 90% sold. Meanwhile, Huttons Data Analytics have a study that shows the average gains upon MOP are more than $300,000. The enticing potential for gain is expected to continue drawing buyers.