Artist’s impression of Hundred Palms Residences at Yio Chu Kang Road.
The executive condominium (EC) market is set to stir back to life with the launch of Hundred Palms Residences at Yio Chu Kang Road.
E-applications are set to open on 4 July, while sales bookings will start on 22 July.
This is only the second EC project to launch in 2017 following iNz Residence at Choa Chu Kang in February.
Developed by Singapore-based Hoi Hup Realty, Hundred Palms Residences comprises nine 15-storey blocks of 531 three- to five-bedroom units.
Over 80 percent of the units are three-bedroom layouts sized from 883 sq ft to 1,227 sq ft. The rest are four- and five-bedders from 1,270 sq ft to 1,636 sq ft. Official pricing details have not yet been released.
Each unit comes with a smart home system that allows homeowners to remotely control the lighting and air conditioning via a mobile app. They can also use it to book condominium facilities, pay maintenance fees, and arrange for home cleaning services.
The 99-year leasehold project is expected to obtain its TOP in 2020.
Hoi Hup Realty was awarded the 1.8ha site in February last year after submitting the top bid of $183.8 million, which works out to $331 psf per plot ratio.
R’ST Research Director Ong Kah Seng noted that sales of new ECs have improved since 2016 due to more attractive launch prices, which have been in the range of $750 to $800 psf.
“Generally, sentiment has improved significantly for private home sales, and this has spilled over to ECs as well,” said Ong.
In May, developers sold 370 EC units, with the bulk of sales coming from Sol Acres – the best-selling residential project in the month. Located in Choa Chu Kang, the previously launched EC moved 116 units at a median price of $794 psf.
Meanwhile, Ong expects Hundred Palms Residences to attract keen buying interest due to its mature location. Nearby amenities include Hougang 1 shopping mall, Rosyth School and Serangoon Junior College.
Comparatively, other EC projects launched since 2010 have been located further out in areas such as Sengkang, Punggol, Pasir Ris, Sembawang and Woodlands, noted Ong.
As such, he feels that units at Hundred Palms Residences could command slightly higher prices compared to other ECs going at about $750 to $780 psf. “A good price for this project should be $800 psf or more,” said Ong.
Hoi Hup Realty and partner Sunway Developments are also targeting to launch an EC project at Anchorvale Lane in Sengkang in the first quarter of 2018.
Located beside Punggol Reservoir, the 2.1ha site is expected to yield over 600 units.
Updated 27 June 2017, 2100 hrs: Hoi Hup has informed PropertyGuru that the previously released date, 28 June, for the opening of the sales gallery and the commencement of e-applications, has been postponed to the week of 3 July 2017.
Updated 28 June 2017, 2000 hrs: Story has been updated to reflect revised e-applications and sales booking dates.