Saturday, June 2, 2012

91 Pasir Ris EC units sold on first day of booking

Straits Times: Sat, Jun 02
MORE than 90 units have been sold at executive condominium (EC) Watercolours on its first day of booking.

The 99-year leasehold project in Pasir Ris opened for booking at noon yesterday and will close at 9pm today.

The 416-unit exec condo - the latest of a number of new projects in the area - will be built at the junction of Pasir Ris Drive 3 and Pasir Ris Link.

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 project.

Mr Jeffrey Hong, chief executive of GPS Alliance, told The Straits Times that 91 units had been sold by 8pm yesterday.

Buyers - an even mix of first- and second-timers - snapped up a range of units, although the three-bedders proved more popular.

Per sq ft (psf) prices at Watercolours range from $570 to $750, and work out to an average of $706 psf.

Mr Hong said two-bedders start from $530,000, three-bedders from $639,000, four-bedders from $885,000, and penthouses from $1.07 million.

Dual-key units, which allow for multi-generational living, are also available.

The exec condo was launched to much hype on May 1 and was more than two times oversubscribed when e-applications ended a week later.

Having secured an e-application, a would-be home buyer is eligible to ballot for a unit.

Property consultants had earlier expected strong interest in the project, which offered similar pricing to a public housing project near Pasir Ris MRT station.

SLP International research head Nicholas Mak said that yesterday's sales figure is lower than expected, and that the developers may have to review their marketing strategy...
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