EC demand expected to stay confident

Executive condos (ECs), a cross of private and non-private housing, seemed to be swept up from the resurgent property market place.

Demand for ECs was brisk from the second 1 / 4 as developers shifted 954 brand new units although no fresh project went on sale.

And that was before Number of Palms Residences in Hougang sold all 531 devices in just seven hours about July 22 – this means bumper third- fraction figures are also likely.

Within the second quarter, home buyers grabbed the products from previous launches, operating down the unsold uncompleted EC stock to the minimum in more when compared with four years in 2,742 devices, as from June Thirty.

Figures in the Urban Restoration Authority (URA) yesterday showed that a total of 2,026 fresh ECs were bought from the first 50 % of the year, a hefty increase of 8.Your five per cent over the 1,867 transferred a year earlier.

Experts told The actual Straits Times in which EC buying curiosity will remain buoyant amid tight supply of this sort of units, less costly prices and also improving industry sentiment.

ECs are generally priced Twenty to thirty per cent lower than a comparable private condo along with, hence, will be the more economical alternative for the middle-income young families.

However, need for ECs is not standard across the board. Studying the sales of varied projects, this indicates demand for ECs in the northern place is not as robust as compared to some other regions.

Another EC project launched this year * the 497-unit iNz Residence in Choa Chu Kang, that launched to be found in March – still got 233 unsold units following June.

The prosperity of Hundred Palms is not entirely due to the not enough upcoming method of getting ECs, but it is additionally attributed to their location, that’s within a mature HDB estate and there’s lack of competition of ECs.

Brand new EC supply is planned to be limited with simply one website offered beneath the government land sales system for this half of the year, inside Sumang Walk : yielding approximately 815 units.

Take into consideration that could help EC demand will be the little altered resale rates of HDB houses, which will limit the amount upgraders have enough money their subsequent home.

Using HDB resale prices staying level and prices of the latest condos probably inching up, HDB upgraders will certainly unlikely bank account enough to pay for $1.5 million or more for the condo. They may look at ECs, that are more affordable.