iCompareLoan Editorial Team
While the last two years are banner years for the supply of new executive condominiums (ECs), for this year it is predicted that there will be a slight drop in EC projects to be launched in the market. This is due to the 15-month rule announced on January 2013, during the seventh round of property cooling measures. Under this rule, developers are only allowed to launch EC projects 15 months after the award of the site or after the physical completion of foundation works, whichever is earlier.
In 2013 seven projects were rolled out, and eight in the preceding year. Table 1 presents all the projects launched since the inception of the EC scheme in 1994.
Table 1: EC Projects
|
Project Name |
Location |
Developer |
Date of Launch |
Year of Completion |
Median Price at Launch ($ psf) |
Price Range at Launch ($ psf) |
|
Chestervale |
Bukit Panjang |
NIL |
NIL |
1999 |
434 |
314-473 |
|
Eastvale |
Pasir Ris |
NIL |
NIL |
1999 |
405 |
341-429 |
|
Pinevale |
Tampines |
NIL |
NIL |
1999 |
459 |
330-529 |
|
Simei Green Condominium |
Tampines |
NIL |
NIL |
1999 |
422 |
301-472 |
|
Westmere |
Jurong East |
NIL |
NIL |
1999 |
397 |
370-443 |
|
Windermere |
Choa Chu Kang |
NIL |
NIL |
1999 |
451 |
329-498 |
|
Northoaks |
Woodlands |
NIL |
NIL |
2000 |
397 |
289-461 |
|
Summerdale |
Jurong West |
NIL |
NIL |
2000 |
372 |
284-451 |
|
The Floravale |
Jurong West |
NIL |
NIL |
2000 |
371 |
247-419 |
|
The Florida |
Hougang |
NIL |
NIL |
2000 |
436 |
351-521 |
|
The Rivervale |
Sengkang |
NIL |
NIL |
2000 |
449 |
287-556 |
|
Woodsvale |
Woodlands |
NIL |
NIL |
2000 |
380 |
290-424 |
|
Yew Mei Green |
Choa Chu Kang |
NIL |
NIL |
2000 |
429 |
308-844 |
|
Bishan Loft |
Bishan |
NIL |
NIL |
2003 |
418.5 |
379-491 |
|
Lilydale |
Yishun |
NIL |
NIL |
2003 |
367.5 |
239-420 |
|
The Dew |
Bukit Batok |
NIL |
NIL |
2003 |
387.5 |
288-430 |
|
The Eden At Tampines |
Tampines |
NIL |
NIL |
2003 |
406 |
323-461 |
|
Nuovo |
Ang Mo Kio |
NIL |
NIL |
2004 |
402 |
307-512 |
|
Park Green |
Sengkang |
NIL |
NIL |
2004 |
368 |
268-416 |
|
The Esparis |
Pasir Ris |
NIL |
NIL |
2005 |
386 |
316-403 |
|
Whitewater |
Pasir Ris |
NIL |
NIL |
2005 |
373 |
313-423 |
|
The Quintet |
Choa Chu Kang |
NIL |
NIL |
2006 |
378 |
242-410 |
|
La Casa |
Woodlands |
NIL |
NIL |
2008 |
393 |
340-534 |
|
1 Canberra |
Yishun |
NIL |
NIL |
Uncompleted |
715 |
550-804 |
|
Esparina |
Compassvale |
FCL |
Oct-10 |
Uncompleted |
761 |
503 -811 |
|
The Canopy |
Yishun |
MCC Land |
Oct-10 |
Uncompleted |
657 |
541 -708 |
|
Prive Punggol Field |
Punggol Field |
Punggol Field |
Dec-10 |
Uncompleted |
704 |
508 -738 |
|
Austville |
Sengkang |
MaxLee |
Jan-11 |
Uncompleted |
719 |
599- 772 |
|
Belysa |
Pasir Ris |
Pasir Ris EC |
May-11 |
Uncompleted |
691 |
501- 732 |
|
Blossom |
Segar Road |
Grand Isle |
Jul-11 |
Uncompleted |
702 |
536 -793 |
|
Riverparc |
Punggol Drive |
Qingjian |
Jul-11 |
Uncompleted |
694 |
489-757 |
|
Arc At |
Tampines |
Hoi Hup |
Sep-11 |
Uncompleted |
734 |
540-865 |
|
The Rainforest |
Choa Chu |
Camborne |
Jan-12 |
Uncompleted |
753 |
594- 831 |
|
The Tampines |
Tampines |
Sim Lian |
Feb-12 |
Uncompleted |
803 |
551- 886 |
|
Twin Waterfalls |
Punggol Walk |
Punggol |
Feb-12 |
Uncompleted |
727 |
542 -777 |
|
Watercolours |
Pasir Ris Link |
HUGE |
Jun-12 |
Uncompleted |
735 |
577 -784 |
|
Heron Bay |
Upper |
Serangoon |
Oct-12 |
Uncompleted |
738 |
597 -809 |
|
Waterbay |
Edgefield |
Qingjian |
Oct-12 |
Uncompleted |
752 |
538 -872 |
|
Citylife@Tampi |
Tampines |
Tampines EC |
Dec-12 |
Uncompleted |
812 |
470 -930 |
|
The Topiary |
Fernvale Lane |
Peak Living |
Dec-12 |
Uncompleted |
737 |
600-809 |
|
Twin Fountains |
Woodlands |
FCL Admiralty |
May-13 |
Uncompleted |
741 |
665 -813 |
|
Forestville |
Woodlands |
Hao Yuan |
Jun-13 |
Uncompleted |
730 |
565 -816 |
|
Ecopolitan |
Punggol Walk |
Qingjian |
Aug-13 |
Uncompleted |
793 |
677 -871 |
|
Lush Acres |
Fernvale |
Verspring |
Aug-13 |
Uncompleted |
790 |
673- 880 |
|
Sea Horizon |
Pasir Ris Rise |
Hao Yuan |
Sep-13 |
Uncompleted |
818 |
713 -933 |
|
Skypark |
Sembawang |
Oasis |
Nov-13 |
Uncompleted |
800 |
738 -896 |
|
Waterwoods |
Punggol Field |
Coral Edge |
Nov-13 |
Uncompleted |
801 |
743- 863 |
Source: URA
Last year, only five EC sites were sold, with the earliest in May. Because of the 15-month rule, the earliest an EC will be ready for sale will be somewhere in August this year. Based on the tender closing date, we estimate the earliest possible sale launch date, and we found that as many as five EC projects can be ready for launch in 2014, with all in the third or fourth quarter of the year.
Table 2: EC Site Sold, 2013 to Date
-
Location
Tender Close Date
Successful Tenderer’s Name
Estimated Earliest Launch Date
9-May-13
Qingjian Realty (South Pacific) Group Pte Ltd.
Aug 2014
30-May-13
Qingjian Realty (South Pacific) Group Pte Ltd
Aug 2014
Punggol Central / Edgedale Plains
30-Jul-13
Master Contract Services Pte Ltd / Keong Hong Construction Pte Ltd
Oct 2014
Punggol Drive / Edgedale Plains
30-Jul-13
Peak Square Pte. Ltd.
Oct 2014
Yuan Ching Road /Tao Ching Road
30-Jul-13
Evia Real Estate (5) Pte Ltd, BBR Development Pte Ltd, CNH Investment Pte Ltd and OKP Land Pte Ltd
Oct 2014
Westwood Avenue
7-Jan-14
Changi Properties Pte. Ltd. & Heeton Homes Pte. Ltd.
Apr 2015
Canberra Drive
28-Jan-14
Verwood Holdings Pte. Ltd. and TID Residential Pte. Ltd.
Apr 2015
Anchorvale Crescent
13-Feb-14
Phoenix Real Estate Pte Ltd
May 2015
Choa Chu Kang Grove (Parcel A)
25-Feb-14
MCL Land (Brighton) Pte. Ltd.
May 2015
Choa Chu Kang Grove (Parcel B)
25-Feb-14
MCL Land (Brighton) Pte. Ltd.
May 2015
Source: HDB
Demand for these EC projects will be strong for the following two reasons:
- There has been a time-lag of about eight months since the last EC launch in November 2013, demand will have built up.
- These are the last remaining EC developments exempted from the re-sale levy that second-timers have to pay. On 9 Dec 2013, a new rule, affecting only EC sites launched for sale from 9 Dec onwards, was rolled out that mandates second-timer applicants who buy EC units directly from property developers to pay a re-sale levy. Given that from 4Q2010 to 4Q2013, 55 per cent of buyers are second-timers according to National Development Minister Khaw Boon Wan in his blog, Housing Matters, the large proportion of interested second-timers will be keen to secure an EC unit that is exempted from the re-sale levy. Do take note that second-timers encompass those who have owned/sold new HDB flats, resale HDB flats purchased under the CPF Housing Grant Scheme, EC or DBSS bought directly from the developer; or had enjoyed some forms of housing subsidy.
However an offsetting factor is the 30% MSR criteria that buyers have to meet when taking a mortgage for the EC. This regulation was also introduced on 9 Dec 2013, in which the monthly mortgage repayment must not exceed 30 per cent of the borrower’s gross income before a mortgage can be granted.
But no new EC project has been rolled out since the introduction of this mortgage rule. Therefore, its effect is still untested.
EC projects built on site purchased from this year onward will likely feel the effect of the MSR ruling and re-sale levy.
To all HDB upgraders out there who can afford it, purchase a new EC unit that hits the market this year to spare your pockets from the re-sale levy! Start planning early, speak to an iCompareLoan mortgage expert today to help you compare home loans Singapore!
For advice on a new home loan.
For refinancing advice.
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