Tampines EC 'presidential suite' to be priced at $2.05m

Tampines EC 'presidential suite' to be priced at $2.05m

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Tampines EC 'presidential suite' to be priced at $2.05m

The monster 4,349 sq ft "presidential suite" at an executive condominium project in Tampines will be the first EC unit to eclipse the $2 million mark. -ST

UPDATE: The 4,349 sqft penthouse was sold within the first two hours of booking on Saturday. 1,800 applicants expressed interest in the executive condominium.

SINGAPORE - The monster 4,349 sq ft "presidential suite" at an executive condominium (EC) project in Tampines will be the first EC unit to eclipse the $2 million mark if sold at its launch this weekend.

The Straits Times understands that the penthouse unit at 514-unit CityLife @ Tampines, which comes with a roof terrace of about 1,600 sq ft, will be priced at about $2.05 million - or $470 per sq ft (psf).

Tampines EC 'presidential suite' to be priced at $2.05m

An artist’s impression of CityLife @ Tampines. The monster 4,349 sq ft "presidential suite" at an executive condominium (EC) project in Tampines will be the first EC unit to eclipse the $2 million mark if sold at its launch this weekend. -- PICTURE: AMARA HOLDINGS, KAY LIM HOLDINGS AND SINGXPRESS LAND

The unit price rises to $744 psf if only liveable space is counted.

If sold, the overall price will set a new record for an EC - the latest in a string of sky-high prices that have raised eyebrows and led to a raging debate on whether buyers of such expensive ECs should be entitled to Housing Board grants.

These public-private housing hybrids are pushing size and price boundaries, with large, luxurious units that come with fancy designs, rivalling even that of private homes.

The current record is held by a 2,845 sq ft penthouse unit at Heron Bay in Upper Serangoon that fetched an eye-popping $1.77 million in October.

Potential home buyers thronged the showflat in Tampines Avenue 7 yesterday - the first day of the showflat preview - although bookings will start only on Saturday.

All three-bedroom units and smaller will be priced under $1 million with average prices at $770 psf.

This is slightly lower than the median price of $806 psf for the 26 units sold last month at The Tampines Trilliant, another EC project next to CityLife.

Average prices at The Tampines Trilliant, however, were $766 psf when the project was launched in February.

CityLife was more than three times subscribed with about 1,800 applications received by the deadline earlier this month.

About 30 per cent of sales hotline inquiries the project received were geared towards either the presidential suite or the six skysuites, its marketing agent said.

The project is being developed by a consortium comprising Amara Holdings, Kay Lim Holdings and SingXpress Land.

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Govt keeping close eye on ECs

THE National Development Ministry (MND) has warned that it is closely watching developments in the executive condominium (EC) segment and will consider further measures if needed.

It was responding to The Straits Times' queries on whether sky-high prices for some EC units at recent launches are of concern.

The latest focal point in the EC debate is a huge 4,349 sq ft "presidential suite" at 514-unit CityLife @ Tampines, which will be the first EC unit to eclipse the $2 million mark. The penthouse unit, with a roof terrace of about 1,600 sq ft, is priced at about $2.05 million.

Lately, many ECs, a public-private housing hybrid, have come with million-dollar price tags. Some large, luxurious units come with fancy designs such as private pools, rivalling private homes.

"Minister for National Development Khaw Boon Wan has recently blogged about his concerns that the EC developers should observe the intent and spirit of the EC housing scheme when marketing their projects," a spokesman said.

Industry players have raised suggestions such as imposing a minimum number of units to be built on an EC site - or a maximum size for an EC apartment.

Savills Singapore research head Alan Cheong said more measures are needed if developers overstep the limit. "We get this feeling that ECs are now going to buyers who can well afford a private home... I think developers should always bear in mind the social responsibility involved when it comes to ECs," he added.

International Property Advisor chief executive Ku Swee Yong said the authorities could consider caps on the price of an EC unit so they are "reasonably priced" for a household meeting the $12,000 monthly income ceiling for ECs.

"I think home buyers with a budget of more than $1.5 million should purchase private homes instead of depriving a genuine sandwich-class household of an EC unit," he noted.

Potential EC buyer Bernadette Chen, 34, who works in finance, wants a unit under $1.2 million. "The Government should make sure that ECs remain affordable for the middle-income."

esthert@sph.com.sg

EC prices must reflect affordability of those eligible

FIRST, it was the $1.77 million penthouse unit at Heron Bay, an executive condominium (EC), which made headlines. Now, it is the $2.05 million presidential suite at CityLife@Tampines ("Tampines EC 'presidential suite' to be priced at $2.05m"; last Thursday).

Clearly, the objective behind the development of ECs has been forgotten.

They are meant for the so-called "sandwiched class", including couples whose combined monthly income of up to $12,000 places them beyond the ceiling for HDB eligibility.

These people are unlikely to be able to afford a $2.05 million home.

If they could afford it, they should be buying private property, instead of competing unnecessarily with those who are truly eligible for ECs and, hence, more deserving.

The Government should play an active and effective role in managing this situation.

Land cost for ECs is subsidised.

Hence, the Government should stipulate the parameters for development, for example, unit sizes, design, facilities and so on, so that the prices truly reflect the financial status and affordability of people who are eligible.

This was the case when the EC category was introduced.

The Government must ensure that this is continually upheld, and not lose sight of the fundamentals.

Lawrence Loh

Ref:TheStraitsTimes