Strong interest in Pasir Ris exec condo

WATERCOLOURS, a new executive condominium (EC) to be built in Pasir Ris, is nearly two times oversubscribed. Huge Development - a consortium made up of Ho Lee Group, UE E&C, GPS Alliance Development and Investment, and Evia Real Estate - is behind the EC.

Mr Jeffrey Hong, chief executive of GPS Alliance, reported that a total of 807 e-applications had been tallied by 10pm yesterday. But the 99-year leasehold project has only 416 units available, which can be booked from June 1. The EC was launched last Tuesday.

The condo will be at the intersection of Pasir Ris Drive 3 and Pasir Ris Link.

Property consultants have said they expect the condo to do well, given that some of its prices seem to be comparable to those at a Design, Build and Sell Scheme (DBSS) project nearby. They said those eyeing the pricier Pasir Ris One DBSS units could do better to buy units at Watercolours, which also has facilities.

Indicative prices released by Pasir Ris One's developer, SingXpress KayLim, put a three-room, 700 sq ft unit there at between $390,000 and $490,000. A five-room, 1,130 sq ft unit there works out to about $650,000 to $770,000. E-applications for that project closed last week. It was also oversubscribed.

By comparison, the average indicative prices for Watercolours are reportedly between $680 per sq ft (psf) and $720 psf.

Two-bedroom EC units starting from 743 sq ft are $500,000 to $600,000, while three-bedroom units starting from 915 sq ft are $600,000 to $700,000.

The EC will also have three-bedroom and four-bedroom dual-key units, for multi-generational living.

Source: The Straits Times – 8 May 2012