Despite receiving 240 e-applications for the 358 available units, Hao Yuan's Northwave executive condominium (EC) registered tepid sales of about 20 units during its first day of bookings held last 9 July.
Consultants ascribed the lacklustre performance of project to several factors, such as oversupply in the market and poor transport links.
Located at Woodlands Avenue 12, the 99-year Leasehold EC project is 10 minute walk away from Sembawang MRT station, and 2 stops away to Woodlands Regional Centre.
Meanwhile, 2 completed ECs located the vicinity, NorthOaks and Woodsvale, have achieved the 10 years mark. Property watcher noticed that these 2 projects were developed by well-established firms, and situated much closer to Admiralty MRT station.
Northwave EC is the fourth residential development of Hao Yuan Investment, and third EC project after Forestville and Sea Horizon.
Meanwhile, according to the CEO of Century 21, Ku Swee Yong, it may be time for the government to study the relevance of EC scheme.
He also added that there may be approximately 3,000 to 4,000 EC units launched but unsold and the tepid performance is an obvious sign that the market flooded with too much.