When the Hundred Palms Residences located at Yio Chu Kang Road will be launched, it will tease the executive condominium (EC) market back to life. Come July 4, 2017, electronic applications and sales gallery will be open for VVIP preview.
In the first half of 2017, two EC projects have been launched viz. iNz Residence and the Hundred Palms Residences. The first EC project to be launched in 2017 was iNz Residence and the second EC project that has been launched this year is Hundred Palms Residences.
The Hundred Palms is developed by Hoi Hup Realty, a Singapore-based company. There are nine 15-storey blocks in the Hundred Palms Residences. Each block consists of 3 to 5-bedroom units.
In the Hundred Palms, three-bedroom units accounts for more than 80 percent. The size of these units range from 883 square feet to 1,227 square feet. The remaining four- and five-bedroom units have 1,270-1,636 square feet area. Price for these units of varying sizes has not been officially released.
Each unit in the Hundred Palms Residences is a smart home. Residents can control the lighting as well as the air conditioner through a mobile app. Residents can also make bookings of condominium facilities, arrange for home cleaning services and pay the maintenance fees through the mobile app.
The Hundred Palms Residences, which is a 99-year leasehold project, will be receiving TOP in 2020.
In February 2016, Hoi Hup Realty offered the highest bid of $183.8 million to secure the 1.8ha site, on which the Hundred Palms Residences will be built. Based on the bidding value, plot ratio is $331 per square feet.
According to Ong Kah Seng, R’ST Research Director, since 2016 sales of new ECs have improved. Thanks to the attractive launch prices. The average launch price for EC ranges between $750 and $800 per square feet.
“General people have taken more interests in private home sales. This interest has also crawled over to the ECs,” says Ong Kah Seng.
The developers were able to sell 370 EC units in May, earlier this year. Most of these sales came from Sol Acres, which was the highest-selling residential project for the month of May. Sol Acres sold 116 units at the average price of $794 per square feet.
Ong believes that the Hundred Palms Residences will lure buyers because of its strategic location. The project is placed within Serangoon Junior College, Rosyth School and Hougang 1 shopping mall.
The Hundred Palms Residences have an edge over other EC projects that were launched after 2010. These ECs are located in the outskirts such as Woodlands, Sembawang Sengkang, Pasir Ris, and Punggol.
Ong feels that the Hundred Palms Residences, in comparison to other ECs could fetch little higher price. The other EC units are selling at about $750-$780 per square feet. He believes that the best price for the Hundred Palms Residences should be over $800 per square feet.
In the first quarter of 2018, Hoi Hup Realty and Sunway Developments are set to launch another EC. This project is located at Anchorvale Lane, beside Punggol Reservoir, in Sengkang. The project, which is at 2.1ha site, will be releasing more than 600 units.
Recent update from Hoi Hup Realty (June 27, 2017, 2100 hrs): The commencement of e-applications and the opening of the sales gallery, which was scheduled for June 28, has been moved further away to July 3, 2017.
Hundred Palms Residences is expected to receive good response due to its location and also demand and supply. There has been much executive condos over at Yishun, Woodlands, Sembawang, Sengkang and Punggol, but not in the other part of Singapore.