Wednesday, September 17, 2008

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Executive Condo Site @ Punggol for sale under Government Land Sales Confirmed List

An Executive Condominium (EC) housing site at Punggol is released for sale under the Government Land Sales Programme's confirmed list with a lease term of 99 years. The tender will close on Tuesday, 11 Nov 2008. The project completion period is ~2 years from the date of acceptance of tender. The site is near the Punggol MRT station, the Cove LRT station and the future Punggol Town Centre. Other amenities within walking distance include schools, shops and neigbourhood parks.

Under the new HDB ruling, 90% of the units in a new Executive Condo will be set aside for first-timers during the first month of sales. First-time buyers with a household incomes of up to $10,000 are eligible to apply and are entitled to a $30,000 Housing Grant from the government.
Property consultants expect lukewarm response from developers despite the site’s attractive location. The recent financial crisis in the United States is likely to further dampen sentiment in the Singapore housing market, said Mr Nicholas Mak, director of research and consultancy at Knight Frank, who predicts fewer than five bids. Mr Mak thinks the site can fetch $73 million to $87 million, or $100 to $120 per sq ft (psf) of gross floor area. Finished units could be launched at $500 to $550 psf, based on recent home sales in the area.

May also want to read:
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HDB Resales: West Sees Highest Price Increase


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