1 Canberra receives more than 600 e-applications

1 Canberra receives more than 600 e-applications

An executive condominium project in Yishun had received more than 600 e-applications for its 665 units by 6pm yesterday.
A spokesman for developer MCC Land said last night that the firm expects the project to be oversubscribed when e-applications close, 'once the last person leaves the showroom'. He estimated that e-applications would range from 670 to 680.

The tepid demand may be due to the intense competition among developers for first-time buyers, who are mainly responsible for oversubscription rates.

Because it's an EC, pricing is affordable, so it doesn't mean it won't do well once it's opened for all. It's still more affordable, compared to private property.

A standard three-bedroom unit will likely cost between $680,000 and $880,000 while four-bedders range from $860,000 to $970,000.

Source: The Straits Times – 10 May 2012