A VAST penthouse nearly as big as four HDB five-room flats combined is spicing up the attractions at the upcoming CityLife@ Tampines executive condominium (EC).
The 4,349 sq ft "presidential penthouse suite" at what the developers brand "Singapore's first luxury hotel-style" EC is a sign of the intense competition to attract EC buyers.
But some property experts are questioning if such a large and plush unit is appropriate for EC projects. "It's really too big," said OrangeTee managing director Steven Tan, who said 1,800 sq ft was enough for a multi-generation household.
Building such a large unit was "not in line with the original intention of introducing ECs" - meant to cater to young families who can afford more than a HDB flat but not private property, Mr Tan said.
DWG analyst Lee Sze Teck said the target market for the penthouse and other larger units were probably second-time EC buyers or those with a lot of cash, and some might be private property downgraders.
Mr Lee estimated that the penthouse would likely cost between $550 and $600 per sq ft (psf).
If the 4,349 sq ft penthouse costs $550 psf and its buyer gets a 30-year loan of 80 per cent at an interest rate of 1.2 per cent, the monthly instalment would be $6,332 - more than half the $12,000 monthly income ceiling for EC buyers. The 20 per cent out-of-pocket cost would be nearly $480,000.
The 514-unit CityLife, which is being built by Amara Holdings, Kay Lim Holdings and SingXpress Land, will have an infinity pool and four- to five-bedder "Skysuite" units with open terraces.