Tuesday, September 25, 2012

1,664 applications for 394 Heron Bay EC units


Lavish facilities include sea sports recreational centre with kayaks

The Straits Times - September 25, 2012

THE Heron Bay executive condominium (EC) development has attracted 1,664 applications for its 394 units - one of the best responses for a number of years.

The interest in the project in Upper Serangoon View meant it was 4.2 times oversubscribed by the time applications closed on Sunday.

A ballot in about two weeks will sort out the lucky ones, who can start selecting their units to buy from Oct 26.

The 99-year lease project is a joint-venture between CNH Investment, Evia Real Estate Management, Ho Lee Group and See Hup Seng.

It has attracted attention for its lavish facilities with some ground floor units being able to accommodate a jacuzzi-cum-pool of up to 6m in length or a garden pond.

Pricier household appliances and a year's worth of free fibre broadband service are also included and there will be a sea sports recreational centre with kayaks and tandem bicycles. Dual-key units that allow for multi-generational living are also being built.

The project is also the first EC development to have five-room units, including for penthouses.

Units are priced between $715 and $720 per sq ft on average. The smallest, at about 775 sq ft, is expected to cost around $560,000 while the five-bedroom penthouse at 2,841 sq ft is tipped to go for $1.5 million to $1.6 million.

Mr Vincent Ong, managing partner of Evia Real Estate Management, said in a statement yesterday that EC buyers are "gaining sophistication in home environments and lifestyles".

Being pitched as a luxury EC could have drawn the strong interest, said Mr Lee Sze Teck, Dennis Wee Group's senior manager of training, research and consultancy. "The developer chose a niche that separates them from other ECs... The units are also larger," he added.

Another property consultant who declined to be named pointed out that the high subscription rate could be due to the relatively small size of the project; ECs launched since 2010 have had 528 units on average.

Ms Phyllis Chua, who recently made an e-application at Heron Bay, said she was attracted by its location and card-access security system.

"I'm familiar with the area and it is near to where I currently live... I also like that the area is private," noted Ms Chua, 45, who intends to buy a three-bedder.

The housewife expects to pay about $750,000 for the unit, where she will live with her family of four.



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