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.
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.