The newly launched executive condo (EC) development, Watercolours (pictured), has seen strong buyer interest and is nearly two times oversubscribed.
Surpassing the 416 units that could be booked starting 1 June, e-applications have already totalled 807 as of yesterday, said Jeffrey Hong, Chief Executive of GPS Alliance.
Launched on 1 May, the development in Pasir Ris is being developed by Huge Development, a tie-up between Ho Lee Group, GPS Alliance Development and Investment, UE E&C and Evia Real Estate.
Property consultants expect to see strong interest for the projects, as prices are comparable and even lower than Pasir Ris One, a Design, Build and Sell Scheme (DBSS) project located nearby, which is being developed by SingXpress Land.
A three-room, 700 sq ft unit was priced between S$390,000 and S$490,000 while a five-room, 1,130 sq ft unit is sold for S$650,000 to S$770,000. As e-applications closed last week, the project was also oversubscribed.
On the other hand, average indicative prices at the Watercolours were between S$680 psf and S$720 psf. A two-bedroom, 743 sq ft EC unit is priced from S$500,000 to S$600,000 while a three-bedroom, 915 sq ft unit goes for S$600,000 to S$700,000.
In addition, three-bedroom and four-bedroom dual-key units are also available.
Mohamed Ismail, Chief Executive Officer of PropNex Realty, said that the strong take-up rate did not come as a surprise. “Pasir Ris is an established estate, and there will be a pool of HDB upgraders who feel Watercolours could provide a lifestyle they desire.”
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