Prive EC project in Punggol attracts strong turnout at launch

As published in ChannelNewsAsia
03 Dec 2010 (Friday)

By Joanne Chan

SINGAPORE : Singapore's latest executive condominium (EC) saw a strong turnout of potential home buyers on the first day of its launch.

Market watchers predict the Prive will be popular because of the renewed interest in this type of housing.

Executive condos are a hybrid of private and public housing which made a comeback this year after a five-year hiatus.

Located near Punggol MRT station, Prive is priced at $660 to $690 per square foot(psf).

Jointly developed by NTUC Choice Homes and CEL Development, it offers 680 two to four-bedroom units.

Available to those with a maximum household income of $10,000, executive condos offer more choices for home buyers who are often known as the "sandwiched class".

These people are not eligible for new flats due to an income limit of $8,000, but find private housing too expensive.

By Friday evening, more than 260 applications were received.

Analyst Nicholas Mak said Prive is a more affordable option compared to a mass market condo in Punggol, which can go for between $800 and $900 psf.

He added that executive condos plug a gap in the market, as the price difference between resale flats and condos continue to widen.

Another draw - a deferred payment scheme to make it more affordable for home buyers, especially first-timers.

Margaret Goh, CEO, NTUC Choice Homes, said: "They have less cash, so this will help them. They also have priorities, for example, they are making their wedding preparations, they will need cash for renovations."

Potential home buyers Channel NewsAsia spoke to found the location and pricing attractive.

"With all the facilities at a competitive price as compared to private property, we decided to try," said one potential home buyer.

"Punggol 21 is a very nice place, especially the waterway," said another.

Prive is the third EC project launched this year.

The Esparina, launched in October, sold 425 of its 573 units within the month.

The Canopy, also launched in October, sold 104 of its 406 units within the month. - CNA/ch