New EC at Sumang Walk

[Forever84]

No interest to see either of them because of the awful locations.

Not so long ago ECs sold like hotcakes due to the attractive price, but then the developers got greedy and raised the prices substantially and now ECs become cold cakes. I see Piermont Grand selling for over 1.5 years still got many unsold units. OLA selling for almost a year still got 60% unsold units, now the developer is dangling discounts and free upgrade to the deferred payment scheme.

Now Parc Central ("the 1st EC launch in the East in the past 8 years") only sold 59% at the launch. The developers really know how to price themselves out of the market and turn off the consumers.

You make it sound like 100% day 1 sell out is a market norm, lol

Main reasons why EC move slower is because of MSR which is pushing some fringe case would be upgraders to private market instead

 

[holasingapura]

Asking for a new iPhone 12 to be cheaper than refurnished iPhone 6 ?
Play the new $50 Propnex Monopoly game set would make one happier .

Lol. The lifecycle of mobile market is much shorter than property.

A more accurate comparison is iPhone 12 (new launch EC) vs iPhone 11 Pro (5 year old PC).

(Wanted to represent new launch EC as iPhone SE or iPhone 12 Mini at first...)

 

[Braun8]

You make it sound like 100% day 1 sell out is a market norm, lol

Main reasons why EC move slower is because of MSR which is pushing some fringe case would be upgraders to private market instead

Sold out or over 90% sales for ECs on day 1 was the norm in the recent past for example 100 Palms etc. But now the norm is ECs selling for over a year still got many unsold units.

The key reason for the very slow EC sales is the price. The price has gone up substantially to $1100-$1200 psf, making ECs much less attractive to consumers.

 

[Forever84]

Sold out or over 90% sales for ECs on day 1 was the norm in the recent past for example 100 Palms etc. But now the norm is ECs selling for over a year still got many unsold units.

The key reason for the very slow EC sales is the price. The price has gone up substantially to $1100-$1200 psf, making ECs much less attractive to consumers.

No the key reason is the MSR, if government say, today, EC just use TDSR formula I confirm you the EC will get snapped up. Lol, many many open to borrow more and you just see them squeeze out into PC market because they can loan more

1.1-1.2k psf is cheap compared to PC new launch man, I only wish I could buy an EC.

 

[holasingapura]

No the key reason is the MSR, if government say, today, EC just use TDSR formula I confirm you the EC will get snapped up. Lol, many many open to borrow more and you just see them squeeze out into PC market because they can loan more

1.1-1.2k psf is cheap compared to PC new launch man, I only wish I could buy an EC.

Better to get something at better location. Be it PC or HDB. No point suffering for minimum 5 years. EC really meant for hdb upgraders, eager to taste condo life only.

 

[Forever84]

Better to get something at better location. Be it PC or HDB. No point suffering for minimum 5 years. EC really meant for hdb upgraders, eager to taste condo life only.

All about price gap here, EC is better position to make money and sell faster (doesn’t mean anything if your unit appreciate but cannot find right buyer)

1.1-1.2k psf compared to other OCR new launches which now price between 1.4-1.6k coupled with fact that hdb are beginning to go at 750-900k range, there is very good upside potential.

 

[Braun8]

No the key reason is the MSR, if government say, today, EC just use TDSR formula I confirm you the EC will get snapped up. Lol, many many open to borrow more and you just see them squeeze out into PC market because they can loan more

1.1-1.2k psf is cheap compared to PC new launch man, I only wish I could buy an EC.

MSR was already implemented way back in 2013, even after MSR was implemented, ECs sold out very quickly. But when the developers jacked up the EC price to over $1100, the sales slowed substantially. The key reason for the slowed EC sales is the big price increase, not MSR.

Unlike new PCs, new ECs have HDB 5yr MOP rules and strict eligibility rules such as household income and existing private property ownership. It's right that new ECs should be less costly than new PCs.

 

[发哨子2020]

Really ?
I always said that developer was a big kumgong.
早知道 so hot they should have priced $200 higher, sold 50% on day 1 then the other 50% （+ another 5-10%) ......

Sold out or over 90% sales for ECs on day 1 was the norm in the recent past for example 100 Palms etc.

 

[发哨子2020]

Aiyoh.
The good old time was $1k+ for private was and $800 for ECs .
Now new private $1600-$1900 and you expect ECs at old price .

MaoZeDong said : ECs are Lexus at Toyota price .

MSR was already implemented way back in 2013, even after MSR was implemented, ECs sold out very quickly. But when the developers jacked up the EC price to over $1100, the sales slowed substantially. The key reason for the slowed EC sales is the big price increase, not MSR.

Unlike new PCs, new ECs have HDB 5yr MOP rules and strict eligibility rules such as household income and existing private property ownership. It's right that new ECs should be less costly than new PCs.

 

[Passerboy]

Aiyoh.
The good old time was $1k+ for private was and $800 for ECs .
Now new private $1600-$1900 and you expect ECs at old price .

MaoZeDong said : ECs are Lexus at Toyota price .

Not too long ago EC was below $8xxpsf think hundred palms time in 2017. Last PC below $10xxpsf should be High Park?

 

[momoeagle]

No the key reason is the MSR, if government say, today, EC just use TDSR formula I confirm you the EC will get snapped up. Lol, many many open to borrow more and you just see them squeeze out into PC market because they can loan more

1.1-1.2k psf is cheap compared to PC new launch man, I only wish I could buy an EC.

You can always buy 5-year old resale EC.
There are quite a number at ~$900 psf

 

[Forever84]

MSR was already implemented way back in 2013, even after MSR was implemented, ECs sold out very quickly. But when the developers jacked up the EC price to over $1100, the sales slowed substantially. The key reason for the slowed EC sales is the big price increase, not MSR.

Unlike new PCs, new ECs have HDB 5yr MOP rules and strict eligibility rules such as household income and existing private property ownership. It's right that new ECs should be less costly than new PCs.

That’s what it seems like. The higher price makes it an issue only because it is coupled with MSR, if there was no MSR the ECs will still sell like hot cakes even at 1.2k psf

It’s because upgraders don’t have sufficient cash / loan limits due to MSR. It’s not just because of price. Why else would upgraders go from EC to buy a more expensive PC instead?

cheaper price plus grants exchange for 5 years, okay Ma quite reasonable

 

[Braun8]

That’s what it seems like. The higher price makes it an issue only because it is coupled with MSR, if there was no MSR the ECs will still sell like hot cakes even at 1.2k psf

It’s because upgraders don’t have sufficient cash / loan limits due to MSR. It’s not just because of price. Why else would upgraders go from EC to buy a more expensive PC instead?

cheaper price plus grants exchange for 5 years, okay Ma quite reasonable

Don't have sufficient cash still want to buy condos? They want get into financial trouble and heavy debt is it? Looks like MSR is a great rule by the govt to protect these middle income citizens from over-extending and getting into trouble. The govt should implement MSR for PCs too in their next cooling measure.

There are other reasons why upgraders choose PCs over the new ECs such as better location and/or cheaper price, there are many resale ECs/PCs that are cheaper than the new ECs, many resales have better locations too.

 

[Braun8]

You can always buy 5-year old resale EC.
There are quite a number at ~$900 psf

Yeah, there are many resale ECs that are cheaper than the new EC's over $1.1k psf prices, won't be surprise to see upgraders choose to buy resale ECs instead.

 

[发哨子2020]

Many are still dreaming of the good old time of hundreds of EC units ‘overpriced’ at $600-800 with the agents begging them to choose one with discounts/ lucky draw in the empty showrooms.

1.1-1.2k psf is cheap compared to PC new launch man, I only wish I could buy an EC.

 

[发哨子2020]

The gap between the old and new ECs and private is there since the Stone Age .
And yet you see many projects got snapped up before you finish saying : ‘walao eh , free one ha ?’

Yeah, there are many resale ECs that are cheaper than the new EC's over $1.1k psf prices, won't be surprise to see upgraders choose to buy resale ECs instead.

 

[momoeagle]

Yeah, there are many resale ECs that are cheaper than the new EC's over $1.1k psf prices, won't be surprise to see upgraders choose to buy resale ECs instead.

There are even 5+ year old resale PCs going around $1.1k psf

Walking distance from one of the upcoming ECs that's expected to be launched soon at $1.2k psf this year.

 

[1993newbie]

There are even 5+ year old resale PCs going around $1.1k psf

Walking distance from one of the upcoming ECs that's expected to be launched soon at $1.2k psf this year.

Teehee

 

[Braun8]

There are even 5+ year old resale PCs going around $1.1k psf

Walking distance from one of the upcoming ECs that's expected to be launched soon at $1.2k psf this year.

Newly launch Tampines EC Parc Central, units have blocked view and next to noisy Tampines Ave 10, 1.6 km away from nearest MRT, have to take feeder bus to MRT station, bus interchange and town center malls. The price $1.2k psf, but still have additional cost of lighting, false ceiling and renovations not added in yet.

5yr old resale CityLife @ Tampines (TOP 2016), well renovated and high floor with unblocked and greenery view, 550m away from nearest MRT, walking distance to Tampines MRT, bus interchange and town center malls. The price $1.1k psf.

https://www.propertyguru.com.sg/listing/23336160/for-sale-citylife-tampines
https://www.propertyguru.com.sg/listing/23366968/for-sale-citylife-tampines


Looks like the resale CityLife is a better buy than Parc Central EC, and buying resale there is no MOP period and other HDB rules and restrictions.

 

[Braun8]

There are even 5+ year old resale PCs going around $1.1k psf

Walking distance from one of the upcoming ECs that's expected to be launched soon at $1.2k psf this year.

Many 5-6 yr old resale ECs in Punggol selling for less than Piermont Grand, mostly selling at $9xx psf to $10xx psf.