The launch of Hundred Palms Residences attracted hundreds of buyers. (Photo: ERA Realty Network)
UPDATED: Property developer Hoi Hup Realty sold all 531 units (100 percent) at its Hundred Palms Residences executive condominium (EC) at Yio Chu Kang Road within seven hours of sales booking commencing on Saturday (22 July).
Hundreds of buyers turned up at the project’s showflat at the junction of Hougang Avenue 2 and Yio Chu Kang Road as early as 10am to book their units.
Most of them live in nearby housing estates including Hougang, Serangoon, Sengkang and Punggol.
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More than 2,700 e-applications were received during the preview period from 4 to 17 July, making it the most oversubscribed EC in history.
The project comprises three- to five-bedroom apartments from 883 sq ft to 1,636 sq ft. Units sold were at an average price of $836 psf.
Prices started from $715,000 for a three-bedroom unit, $1.03 million for a four-bedder and $1.288 million for a five-bedder.
Nearby amenities include shops and eateries at Hougang 1, Nex and Serangoon Gardens, as well as educational institutions such as Rosyth School and Serangoon Junior College.
“This project has done exceptionally well due to its location in the mature estate of Hougang, its reasonable pricing, as well as the good design,” said Jack Chua, CEO of marketing agent ERA.
“ECs enjoy good value, with all the common facilities similar to a condominium. Moreover, in five years’ time, PRs are eligible to buy them and in 10 years’ time, foreigners can purchase them as well,” he noted.
The 99-year leasehold project is expected to be completed in 2020.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email firstname.lastname@example.org