Another new EC in Yishun to join in the fun!

Avg_Joe

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As some of you should know, MCC won the bid for the EC site @ Yishun Avenue 7 and Canberra Drive just recently in late Oct 2011. The winning bid was S$213.78 million to yield an estimated 725 units. Psf is slightly higher (4%) than the Canopy which was at about $280 psf.

MCC is expected to rush to complete the show-flat next month in March and commerce e-application sometime in April. From the above info, it seems like the developer is trying to launch the EC as soon as possible (as compared to the other earlier launches) since the interest in EC is still very high as can be seen from previous few launches. Even the Tampines Trilliant EC was launched in the traditional slow month (CNY period).

However, with the economy uncertainties looming for 2012 and beyond, the last thing any developers want (even if they have deep pockets) is to launch a project when the market sentiments is weak and buyers are spooked big time. It also doesn't help that for EC, the project completion period is only 48 months from the date of acceptance of tender, as compared to 60 months for Private Condo.

With at least 5 confirmed EC sites for sales in 2012 alone, will we see a big rush for the winning developers to launch their EC project in record time?

For those who cannot afford to wait, they do not have much choice to sit on the bench. As for those who can, maybe 2012 is the year when they can gleefully sit back, relax, and hope the developers will not try to push their luck too far, and adhere to the principle on why EC was introduced back in 1996:

From HDB:

"Executive Condominiums (EC) were introduced to cater to Singaporeans, especially young graduates and professionals who can afford more than an HDB flat but find private property to be out of their reach. ECs are comparable in design and facilities to private condominiums as they are developed and sold by the private developers."

SIGH. If only the present situation truly reflect the noble intention spelled out in the above statement.
 

materick

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As some of you should know, MCC won the bid for the EC site @ Yishun Avenue 7 and Canberra Drive just recently in late Oct 2011. The winning bid was S$213.78 million to yield an estimated 725 units. Psf is slightly higher (4%) than the Canopy which was at about $280 psf.

MCC is expected to rush to complete the show-flat next month in March and commerce e-application sometime in April. From the above info, it seems like the developer is trying to launch the EC as soon as possible (as compared to the other earlier launches) since the interest in EC is still very high as can be seen from previous few launches. Even the Tampines Trilliant EC was launched in the traditional slow month (CNY period).

However, with the economy uncertainties looming for 2012 and beyond, the last thing any developers want (even if they have deep pockets) is to launch a project when the market sentiments is weak and buyers are spooked big time. It also doesn't help that for EC, the project completion period is only 48 months from the date of acceptance of tender, as compared to 60 months for Private Condo.

With at least 5 confirmed EC sites for sales in 2012 alone, will we see a big rush for the winning developers to launch their EC project in record time?

For those who cannot afford to wait, they do not have much choice to sit on the bench. As for those who can, maybe 2012 is the year when they can gleefully sit back, relax, and hope the developers will not try to push their luck too far, and adhere to the principle on why EC was introduced back in 1996:

From HDB:

"Executive Condominiums (EC) were introduced to cater to Singaporeans, especially young graduates and professionals who can afford more than an HDB flat but find private property to be out of their reach. ECs are comparable in design and facilities to private condominiums as they are developed and sold by the private developers."

SIGH. If only the present situation truly reflect the noble intention spelled out in the above statement.


Deman seems to be very strong. It's crazy. So many people with so much money.

Watch out for 4th mar and you'll see how many 2nd timers rush and queue for the trillant...
 

Carnage

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I have high hopes for this site. Better than Twin Waterfalls and Trilliant to me.
 

materick

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I have high hopes for this site. Better than Twin Waterfalls and Trilliant to me.

In what sense? Location?

Yishun vs Tampines central? You gotta be kidding me...

It's like saying bukit panjang is better than Clementi, or woodlands better than bishan...
 

Carnage

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In what sense? Location?

Yishun vs Tampines central? You gotta be kidding me...

It's like saying bukit panjang is better than Clementi, or woodlands better than bishan...
I don't really rate mature estates that much.

If you ask me, Clementi not necessarily win Bukit Panjang by much. Especially with the new DTL. You look at the estate in Clementi, simply over crowded. The houses there are smaller than other places even the flats that are built more than 10 years ago. It's definitely convenient. But is it worth the 100k premium? No I definitely do not think so.

Similarly with Tampines. The east side development are all up and ready. There is 1 big piece of land near Changi Business Park for development. That's the only potential.

It's different for the North. There's alot of undeveloped land and with treaty with Malaysia signed, there will be more travel up and down that part of Singapore. The area would be more bustling than it is now. I think the PCs in Yishun like Canberra Residences, Nautical and 8 Courtyards were sold relatively cheaply. This site would also be popular.

Not necessarily you must be near MRT to be considered good location. As long as you have alot of mixed developments in the nearby vicinity to add to the vibrancy of the area, I think you'll be looking at alot of upside 10 years down the road.
 

materick

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I don't really rate mature estates that much.

If you ask me, Clementi not necessarily win Bukit Panjang by much. Especially with the new DTL. You look at the estate in Clementi, simply over crowded. The houses there are smaller than other places even the flats that are built more than 10 years ago. It's definitely convenient. But is it worth the 100k premium? No I definitely do not think so.

Similarly with Tampines. The east side development are all up and ready. There is 1 big piece of land near Changi Business Park for development. That's the only potential.

It's different for the North. There's alot of undeveloped land and with treaty with Malaysia signed, there will be more travel up and down that part of Singapore. The area would be more bustling than it is now. I think the PCs in Yishun like Canberra Residences, Nautical and 8 Courtyards were sold relatively cheaply. This site would also be popular.

Not necessarily you must be near MRT to be considered good location. As long as you have alot of mixed developments in the nearby vicinity to add to the vibrancy of the area, I think you'll be looking at alot of upside 10 years down the road.


i see your point of view.

however, the market still seems to demand 100k premium between clementi and bukit panjang for the very reasons you stated above.
 

Carnage

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i see your point of view.

however, the market still seems to demand 100k premium between clementi and bukit panjang for the very reasons you stated above.

100k is a conservative amount. I reckon it's closer to 150k. That's alot of difference in today's context.

Look at the recent BTO and resale prices between the 2 estates and you'll know the answer. Furthermore Bukit Panjang is considered a new town, plenty of baren land for development. It's not too far from the Jurong Lake District as well. Plenty of potential in this estate.

And mind you, Clementi flats are really small. I visisted my friend's flat at Ave 4, less than 10 years old. 90sqm but so much smaller than my current 4 room flat of 94sqm. Can hardly believe 4 sqm make so much difference. Yet he bought it at more than 600k last year. Maybe this year cheaper due to sentiments and supply of BTO.

Ask people who take MRT to the west and from Clementi, everyday difficult to board. Have to wait 2-3 trains before you can board.

Same goes to Bishan, AMK. If stay these 2 places, I rather take Yishun. 3 stations more but lesser inconvenience. It all adds up.
 

Carnage

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MCC Land is building lesser than the estimated amount of units HDB stated.

Better layout and more facilities? With 8 Courtyards as anchor project, I think this project would be very popular.
 

Avg_Joe

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I think with the March BTO out soon, and with many choices situated in Mature township (which also means it is not going to be very cheap), it should take away some demands for DBSS & ECs.

Good! More choices and avenues for everyone.

The 'artificial' pent-up demand is really not healthy and created so much demand which drive up the prices so much.
 

Carnage

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I think with the March BTO out soon, and with many choices situated in Mature township (which also means it is not going to be very cheap), it should take away some demands for DBSS & ECs.

Good! More choices and avenues for everyone.

The 'artificial' pent-up demand is really not healthy and created so much demand which drive up the prices so much.

I don't understand why you say there is artificial demand. The demand is very real. There are still people who are balloting for BTOs. In all threads for ECs, there are still 2nd timers or upgraders who did not manage to get their units and have to wait for the window for 2nd timers to open again.

The demand is, very very real. Prices being driven up is just a matter of market forces at play. This is the result of bad housing policies from 2006. The people are just paying the price and developers laughing all the way to the banks.
 

Avg_Joe

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I know. What I mean by 'artificial' pent-up is cos of the past MBT era policies that make up this demand in the first place :D
 

Avg_Joe

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As we all know, Khaw mentioned in Nov last year that he 'hope' there will be revision done to the 2nd timer quota to help them have more chances for the March BTO.

If this really materialises, the Yishun and Pasir Ris EC to be launched in Q2 2012 will likely see record sales on the first day of ballot.

And if the quota really was revised to give 2nd timer more chances, do you guys see any big shift in buyer's mindset? As in they will wait out for more ECs to come out this year before they rush in?

Of course there will be many cases when the buyers cannot afford to wait e.g. due to salary raise, or want earlier TOP etc etc.
 

Carnage

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As we all know, Khaw mentioned in Nov last year that he 'hope' there will be revision done to the 2nd timer quota to help them have more chances for the March BTO.

If this really materialises, the Yishun and Pasir Ris EC to be launched in Q2 2012 will likely see record sales on the first day of ballot.

And if the quota really was revised to give 2nd timer more chances, do you guys see any big shift in buyer's mindset? As in they will wait out for more ECs to come out this year before they rush in?

Of course there will be many cases when the buyers cannot afford to wait e.g. due to salary raise, or want earlier TOP etc etc.

Don't think so.

BTO and EC sales are not corelated.
 

TISH1288

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Have anyone seen the layout & floor plans (3 room) of the Yishun new ec? Share your views!
 

TISH1288

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You can go the Propnex website at propnexpropertynews.com to look at the draft floor plans for 3 bedroom units.

thks rym!

Passed by the site last evening, showflat is still in construction. Location looks peaceful & scenic~ maybe cause it's dark you can't see the ugly lokang! ha
 

bendwolf

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It's different for the North. There's alot of undeveloped land and with treaty with Malaysia signed, there will be more travel up and down that part of Singapore. The area would be more bustling than it is now. I think the PCs in Yishun like Canberra Residences, Nautical and 8 Courtyards were sold relatively cheaply. This site would also be popular.

The near Malaysia reason has been used for generations and generations, to hype up potentials. But nothing have changed over the past 20 years. Northern housing is still relatively lower priced than other mature areas.

There is a counter argument that, JB migrants prefer staying north as it makes commuting back to their hometown easier. However, they are also the people who are less willing to pay, and keep comparing cheaper prices just across the straits. And thus the lower prices.
 

vivalarave

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been living in yishun for the past 10 years already and have observed the development.
KTP is the cataylst for growth - they vacated the shop houses already behind the interchange.

Dbss adora green got snapped up already with a few btos around that area...

recent developments are the addititonal buses from yishun with the 1.1bn budget..

so it means only 1 thing, yishun hub is evident though they choose to give sbs interchange first..bedok is having a go first.

Accessibility to the east and west is central, though the location of this place is rather secluded.. value of yishun property will rise in time to come say in another 5-10 years where it'll be somewhat like tampines.. maybe i'm bias but I like yishun due to the local economy - loads of food and easy access to amenities, plus the north bound train stops at yishun during peak periods hence easier to get on to go home.

the argument for JB dwellers is somewhat moot, because here in yishun it is somewhat a pinoy community with the hospital and the catholic church.. the same with toa payoh.
 
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TISH1288

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hmm wondering how much this ec is selling....waiting anxiously

I went to showflat at Blossom Residences...good layout, quality fittings & price is within reach... but alas location is out of question...urgh
 
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