The response in Singapore market to the latest batch of executive condominium (ECs) development has been less than warm, with approximate 2,200 executive condominium (EC) units unsold on the list as of June 2015.
The largest executive condominium Sol Acres EC comprises a total of 1,327 units, received 800 e-applications for the initial 707 units to be open on Aug 22.
While the Brownstone EC along Canberra Drive, sold just below a third of its 638 total units in the first weekend. According to The Brownstone’s developer CDL, the units were sold with an average of around S$810 psf, price starts from S$596,000 for 2 bedroom units, S$695,200 for 3 bedroom units, $835,200 for a 4 bedroom units and S$1.316 million for penthouse unit.
Developers of The Vales EC along Anchorvale Street, starts the booking more than a week ago and sold around 100 units, below 20% of 517 total units.
In November 2014, developers of Lake Life EC in Jurong sold over 95% of the units in just 2 days. Since then, the response to latest projects in Singapore market has been tepid. Market watchers noted that recent projects are counting to the pool of remaining units.