The new Executive Condominium (EC) site released by HDB today under the Reserve List System is expected to be warmly received by developers and is good news for buyers too.
Situated at Sengkang East Avenue and Buangkok Drive, near Kangkar LRT station and Punggol Park, the site faces Sungei Pinang and Sungei Serangoon, offering some future residents a taste of waterfront living. Residents of the expected 465-unit EC would also be just minutes away from Rivervale Paza. For young families, the proximity to nearby primary schools would be a huge draw as well.
“The minimum bid price of about $189psf”, stated PropNex CEO Mr Mohamed Ismail, “so the successful bid should be between $200psf and $230psf. Developers should be able to break even at around $500psf after construction and other costs, and the selling price should be around $550–600psf, which is still about 25% below similar mass market prices for private properties.
Given the slowly increasing gap between private property and HDB prices (the private property price index for 1Q10 went up by 5.1% while HDB’s resale price index went up by only 2.7%), Mr Ismail feels that the time is right for the launch of more ECs to cater to the sandwich class of those who may not qualify for a HDB flat yet are unable to afford a private property.
For enquiries, please contact:
Mohamed Ismail (CEO) 9487 1414
Adam Tan (Corporate Communications Manager) 9006 8726