Potential price appreciation of new executive condominiums have spurred purchases.
Buyers of newly-launched executive condominiums (ECs) are hoping to reap premiums in the future, industry experts said.
Property prices of Nuovo in Ang Mo Kio have approximately doubled in price since its launch. Bishan Loft units have also appreciated in value, after more expensive condominiums were introduced in the neighbourhood. Following a similar trend in price appreciation, Wandervale EC that was launched earlier this month has drawn strong interest.
However, newly-launched ECs fetched a higher selling price than older ones – that were affected by a weak economy and the Sars crisis.
In recent times, launch prices of ECs inched towards $1,000 per square foot, R’ST Research director Ong Kah Seng told The Straits Times.
The price gap has narrowed between new ECs and new 99-year leasehold condominiums so buyers now have a range of options.
Read The Straits Times for more information.
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