Sembawang EC project three times subscribed

PHOTO: Sembawang EC project three times subscribed

Skypark Residences in Sembawang is likely to be one of Singapore's most popular executive condominium (EC) projects this year. The 506-unit project ended its application period on Sunday with 1,604 applications - more than treble the number of units available, developer JBE Holdings said in a statement on Monday.

Applicants mostly consisted of Housing Board flat upgraders living in northern Singapore, young married couples and larger, multi-generational families.

The project has three-, four-, and five-bedders and five-bedroom maisonettes, ranging from 1,141 sq ft to 1,722 sq ft.

SkyPark Residences is the first EC development in Sembawang and is the seventh and last EC project to be launched this year.

It features a 1,250 sq m "skypark" straddling three towers about 50m above ground.

The skypark will cost $3 million to $5 million to build out of a total construction cost likely to be just under $150 million, JBE told The Straits Times in July.

It won the site for $211.9 million or $323.76 per sq ft (psf) per plot ratio (ppr) last December.

No official pricing has been released but market watchers said earlier that the price could be between $720 psf and $800 psf.

SkyPark's launch will bring the total number of EC units released this year to 3,337 units.

Out of that total, 2,458 units in five EC projects have been put on sale so far this year.

This figure excludes the 373 units from the Waterwoods EC at Punggol Field Walk/Punggol Walk and the 506 units from SkyPark Residences.

More than 1,800 of those 2,458 EC units, or 73 per cent, had been sold as at the end of August.

EC supply next year is likely to plummet due to a 15-month rule on sales that was imposed in January this year.

Market watchers estimated that there will be no new EC launches for at least the first three quarters of next year, and the number of new EC launches next year could be as low as two projects.

Bookings at SkyPark Residences will open on Nov 16.

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