Singapore EC market set for growth

The positive sentiment in the real estate market has actually confirmed to be rather contagious, with a trickle-down impact seen in the executive condominiums (EC) segment too. As well as this is not just due to the current 1-day sellout of 531 systems at Hougang's Hundred Palms Residences EC. Undoubtedly, the numbers in Q3 will likely be searching for as a result of this huge sale, but Q2 numbers has currently revealed that programmers have actually offered 954 EC units regardless of not having fresh launches. Purchasers have actually returned right into the fold and interest in units from previous EC launches have actually picked up. The unsold-uncompleted EC inventory is currently at its cheapest at 2,742 units.

While HDB resale prices are rather of an arrest, experts are anticipating HDB upgraders to be looking at the EC market intensively, specifically if they are yet able to afford exclusive condominiums in spite of the decline. The majority of ECs are priced 20% to 30% below comparable private Parc Botannia condominium units. The minimal number of EC units there is just 1 EC site offered under the federal government land sales (GLS) developer for H2 might additionally push buyers to get existing systems. Competitors from other ECs in the vicinity and also the location of the growth are additionally to be factored into the sale ability of upcoming EC launches. One of the other ECs introduced this year was iNz Residences in Choa Chu Kang.

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