E-applications for the last Executive Condominium (EC) in 2014 that does not require upgraders to pay the resale levy started on 12 December 2014.
The Amore, a 395-unit EC project at Punggol Central developed by Keong Hong Holdings, is selling at $780 to $800 per square foot, according to media reports.
There has been quite a number of EC launches in Punggol, according to Chai Chin Yun, Marketing Manager at WTG Property. “However, we notice a trend where a there is an increasing supply of resale HDBs in Punggol from HDB owners who have upgraded to EC. These owners are required to sell their flats within six months after they collect their EC keys. Given the softer resale market, some of these HDB owners had to sell their flats at a lower price to ensure they can secure a buyer,” he said. On a brighter note, buyers looking for resale HDB have more choices and prices are stabilising.
Chai added it is important for HDB upgraders to carefully work out their finances before committing to an EC, and it would be prudent if they exclude proceeds from the future sale of their HDB flat, especially if the EC buyers on deferred payment schemes, when calculating their affordability in buying the new EC.
The Amore, located between the Oasis and Kandaloor LRT stations, is slated to be completed in 2018.
To promote the project, property agents from PropNex gave away roses at Shenton Way and Orchard earlier this month, as amore is the Italian word for “love”.
Image source: amoreec.com.sg
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
