More than 300 of the 350 units released at The Estuary condominium have been sold as of Monday.
The MCL Land project in Yishun is the first major property launch since the government announced its measures to curb property speculations.
Over 80 individuals were seen in The Estuary’s showflat at around 1:30pm yesterday. The number had increased to more than a hundred individuals by 2:00pm, as more people flocked in to check out the 99-year leasehold condo.
Most of them were families or young couples, lured by the lower asking price of about $750 psf and the close proximity to Lower Seletar Reservoir.
The sale of the 350 released units started last week. The Estuary condominium project has a total of 608 units, comprising of one- to four-room units.
“It’s been encouraging so far despite the measures,” said one staff member of MCL Land, adding that demand was equally distributed in all apartment types.
“At first, there was more interest in the one-bedroom units but when the measures were announced, this died off a little.”
One- and two-room units have been popular among speculators over the past few years. They comprise nearly 40 percent of the units in The Estuary, which is near Khatib MRT station.
Speculators have been targeting small apartments because the lump-sum payout is more affordable.
Madam Angie Ang, who purchased a three-room unit for $930,000, said that the government’s measures to curb speculations came at such a great timing. “I’m relieved actually. We were waiting for this launch and then the measures came. That’ll help curb speculators and prices won’t be jacked up,” she said.
The Estuary’s distant location from the city also meant that it might not be a target for several speculators, according to some property agents.
The selling prices of The Estuary condominium were the key lure for potential homebuyers.
“For upcoming projects in Singapore, the prices are at least $900 psf,” said ERA agent Shayne Lim, noting that prices in Ang Mo Kio had reached $1,200 psf.
“And there hasn’t been a new condo in the Yishun area for over 10 years,” she added.
People in the property sector are also monitoring the sales of another upcoming condo, the Vision@West Coast.
The 99-year leasehold development on West Coast Highway has 14 strata houses and 281 apartment units. Sizes start at around 800 sq ft for two-room units, up to 5,000 sq ft for the strata houses.
Property agent Jimmy Tan predicted that “demand should be strong as the location also boasts sea views.” He added that the asking price for the upcoming project could be around $1,100 psf.