North Gaia EC achieves 27% sales at an average of $1,302 psf

by Albert02

North Gaia EC achieves 27% sales at an average of $1,302 psf

As of 7 p.m. on April 24, North Gaia, the first executive condominium (EC) complex to open this year, had sold an approximate 164 units. This represents a 26.6 percent take-up rate out of a total of 616 units at the EC project on Yishun Close. According to developer Sing Holdings, the average price of units sold was $1,302 psf, with 62 percent of units purchased using the deferred payment system costing 3 percent more than those purchased under the usual progressive program.

84.5 percent of the apartments acquired were three-bedroom homes ranging in size from 958 to 1,076 square feet. Four-bedroom homes with 1,313 to 1,389 square feet made up 9.9% of the units, with five-bedroom units with 1,593 square feet accounting for the remaining 5.6 percent. In fact, nine of the 14 five-bedroom units were picked up over the weekend, indicating that the larger three-bedroom units were in high demand.

“HDB upgraders made up two-thirds of the buyers, and the majority of the units sold were the larger units, indicating a strong need for additional space,” says Mark Yip, CEO of Huttons Asia.

A total of 1,045 parties expressed interest in the e-application when it concluded on April 19. 364 checks were deposited in the ballot box on balloting day (April 22). As a result, the 163 units sold represent a 44.8 percent conversion rate.

Despite the high level of interest in the project, one of the roadblocks was the mortgage servicing ratio (MSR), which only applies to HDB and EC buyers: It is restricted to a maximum of 30% of gross monthly household income. “Even if EC prices have risen by over 60% in the last five years, from around $800 per square foot to $1,300 per square foot today, the MSR has remained stable at 30%,” says Ismail Gafoor, CEO of PropNex. “That was one of the biggest roadblocks we ran into on the ground.” We were expecting a higher level of interest in North Gaia.” However, for upcoming private residential new launches like Lentor Modern, this roadblock will not be an issue.

Click the image to read the full details of report or copy & paste this link:
https://www.edgeprop.sg/property-news/north-gaia-ec-achieves-265-sales-average-1279-psf

 

Discover Your Home Here
Come and Experience it Yourselves
==================================
The Watergardens
Book ShowFlat Appointment


Proudly Developed by :

United Venture Development (2020) Pte Ltd

(Joint Venture comprising UOL, Singapore Land Group & Kheng Leong)

You may also like

error: Content is protected !!