Another EC project to be launched this week

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Another EC project to be launched this week

Jun 29, 2016

Wong Siew Ying


Another executive condominium (EC) project will hit the market on Friday - the fifth such development to be launched this year.

Sim Lian Group's 504-unit Treasure Crest EC in Anchorvale Crescent will open for e-applications, with apartments going at an average price of $735 to $755 per sq ft.

The upcoming launch follows four other ECs that went on sale in recent months: Wandervale in Choa Chu Kang, also by Sim Lian Group; The Visionaire and Parc Life in Sembawang; and Northwave in Woodlands.

The 99-year leasehold Treasure Crest will comprise 84 three-bedroom units, 364 premium three-bedders and 56 four-bedders across eight 15-storey tower blocks.

The development, with unit sizes ranging from 958 to 1,345 sq ft, is expected to receive its temporary occupation permit by 2019, Sim Lian said in a statement yesterday.

It is close to Sengkang MRT station and has amenities such as a heated dip pool and jacuzzi alcove spa, the developer added.

Treasure Crest e-applications will open on Friday and run until July 10. The booking of units is scheduled for July 16.

Sim Lian Group executive director Kuik Sing Beng believes the project will appeal to new home buyers and HDB upgraders alike, given its location in a "well-connected, bustling new town". However, the developer will be vying for sales in a competitive EC market, where buyers are spoilt for choice.

Among the ECs launched this year, Wandervale still has 166 unsold units, 447 units remain available at The Visionaire, while Parc Life has 557 homes still up for sale based on data for May.

Northwave by Hao Yuan Investment opened for e-applications last Saturday with bookings to start on July 9. The 358-unit development, with features including an air-conditioned badminton court and skate park, is said to be priced at an average of $760 psf.

Wong Siew Ying

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Sim Lian launching EC in Sengkang

Units are priced at S$735 to S$755 psf on average; TOP expected in 2019

By Grace So

[email protected]

Jun 29, 2016


MAINBOARD-LISTED Sim Lian Group on Tuesday announced the launch of its executive condominium (EC) project, Treasure Crest, with units priced at S$735-S$755 per square foot (psf) on average.

E-applications for the 99-year leasehold development will open on July 1 and close on July 10, while balloting and booking will take place on July 16.

Treasure Crest is a 504-unit EC in Sengkang New Town and is located near several transportation nodes, lifestyle amenities and schools. The project is also situated near other ECs in Sengkang, such as Bellewaters and The Vales.

The site of the project is about 187,831 square feet, and the EC comprises 84 three-bedroom units, 364 three-bedroom premium units and 56 four-bedroom units spread across eight blocks of 15 storeys each.

The development is within walking distance of Sengkang MRT station and bus interchange, as well as Cheng Lim LRT station.

Meanwhile, lifestyle amenities located within a five-minute drive of Treasure Crest include upcoming mall Compass One, popular dining street Jalan Kayu and healthcare facilities such as Sengkang polyclinic and the upcoming Sengkang General and Community Hospitals.

Residents of Treasure Crest will also have access to nature attractions such as the Sengkang Riverside Park and Punggol Waterway Park.

In addition, the EC is within one kilometre of Nan Chiau Primary School, Nan Chiau High School and CHIJ St Joseph's Convent.

Treasure Crest also features several family-centric facilities including a children's playground, children's pool and poolside party room.

Other recreational facilities that are more suitable for its adult residents include a larger lap pool, jacuzzi, BBQ pavilion and tennis court.

The units at Treasure Crest will range in size from 958 sq ft to 1,345 sq ft, and will be equipped with quality fittings from Bosch, Hansgrohe and Mitsubishi Electric.

The spacious 1,345 sq ft four-bedroom units are larger than most others in the EC market, including that of Sim Lian's previous EC project, Wandervale.

According to ERA Realty's key executive officer Eugene Lim, Treasure Crest is priced competitively compared to EC projects launched earlier in the vicinity, which have sold units at an average S$750-S$760 psf.

The project is expected to receive its Temporary Occupation Permit (TOP) in 2019. Buyers who are interested in Treasure Crest may visit the sales gallery at Anchorvale Crescent between 10am and 7pm daily during the e-application period.

OrangeTee and ERA Realty are the marketing agents for Treasure Crest.

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Only EC site on Confirmed List this year launched

Aggressive bidding unlikely amid overhang of unsold ECs and mass-market condos in north-east region

By Lynette Khoo

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@LynetteKhooBT

Jun 30, 2016


AN executive condominium (EC) site along Anchorvale Lane - the only EC site on the Confirmed List of the government land sales (GLS) programme for this year - was released for sale on Wednesday.

Property consultants believe the site could draw interest from developers who have had residential projects in the north-east region, but aggressive bidding is unlikely amid a supply overhang of unsold ECs and mass-market condominiums in that region.

The EC site was launched by the Housing & Development Board (HDB) via a public tender on Wednesday. It was on the Confirmed List of the H1 2016 GLS programme.

Under H2 2016 GLS, there is no EC site under the Confirmed List but one EC site under the Reserve List.

The EC site along Anchorvale Lane could yield about 635 residential units, HDB said. It has a land area of 21,014.6 sq m and can yield a maximum gross floor area (GFA) of 63,043.8 sq m. It is located beside Punggol Reservoir, near existing residential areas, schools, parks, and a sports complex.

The nearest station is Tongkang LRT station, which connects residents to the Sengkang MRT/LRT station and bus interchange.

R'ST Research director Ong Kah Seng felt that this EC site is unlikely to attract significant developers' interest due to the current cautious buying sentiment and lingering fear of oversupply for ECs.

Also, it is in a fairly far flung location and there are already substantial EC and mass-market private condos in the north-eastern area of Singapore (Punggol and Sengkang), he said.

There has also been a trend of traditional EC-centric developers like Qingjian Realty moving into mass-market private condominium development, Mr Ong pointed out.

This, he believes, will lead to a hollowing out of participants and less aggressive bids for EC sites.

SLP International executive director Nicholas Mak projected that it will take about 2.5 years to absorb the current supply of EC units, based on the average buying demand for EC units and the current supply.

As at end of May 2016, there were 3,705 launched and unsold EC units. There are another 1,925 units in four new and yet-to-be launched EC projects.`

"However, the government has reduced the supply of EC sites for sale and it is very likely that this subject site would be the only EC land parcel offered for sale in 2016. By the time the EC project on this site is ready for launch in end-2017 or 2018, the EC oversupply situation would have eased significantly," Mr Mak said.

"The recent event of Brexit is not going to affect this tender."

Mr Mak is expecting this tender to draw five to eight bids, with the top bid ranging from S$183.2 million to S$196.8 million (S$270-290 per square foot per plot ratio).

As for Mr Ong, he is expecting about four bids with an expected top land bid at S$275-295 psf ppr. Earlier EC projects in Sengkang, Bellewaters and The Vales, were sold at an average S$789 psf and S$786 psf respectively.

Sim Lian Land is pricing its new EC project Treasure Crest at Anchorvale Crescent at S$735-755 psf on average.

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Sengkang EC site up for tender may be only one this year

Jun 30, 2016

Rennie Whang



Developers are likely to show a moderate level of interest in what could be the only executive condominium (EC) site available this year.

The 226,199 sq ft Anchorvale Lane plot, which can support about 635 units, was released for sale yesterday. It is the only EC site on the confirmed list for the Government Land Sales (GLS) programme this year.

The tender closes on Aug 23.

Developers will probably show some appetite for the land, which is near Tongkang LRT station, despite the large number of unsold EC units in the market, including many in the area surrounding the site.

"They could probably bid at lower prices than previously transacted in the area, which would give them an advantage when launching the product," said Dr Lee Nai Jia, DTZ regional head of research for South- east Asia.

Land prices have fallen slightly in some areas where multiple parcels were launched.

MCC Land paid about $482.59 per sq ft per plot ratio for a Tampines Avenue 10 site last year that was labelled as Parcel D. This was 14 per cent less than what it paid for nearby Parcel B in July 2013.

"Some developers also need to replenish their land banks. However, there will be challenges in terms of differentiating the EC from other new HDB projects and condos in the area," Dr Lee added.

And developers will certainly bear in the mind the strong supply of EC units.

As at the end of May, there were 3,705 launched and unsold units and a further 1,925 apartments in four new and unlaunched EC projects, said Mr Nicholas Mak, executive director and head of research and consultancy at SLP International.

"Based on average buying demand for EC units, it would take about 2½ years to absorb the current supply of EC units."

The larger nature of the Anchorvale Lane site could dissuade some developers, said Mr Ong Kah Seng,

Given this is likely the only EC plot up for sale for this year, the Government is likely to watch participation closely, said Mr Mak. "This will in turn influence the number of EC sites to be released in the GLS programme next year."