SINGAPORE: Channel NewsAsia understands that the owners of the record-setting Heron Bay penthouse are a young couple, who are also first-time property buyers.
The unit was sold for S$1.77 million - a high price for an executive condominium in Singapore.
Couples cannot exceed a monthly household income of S$12,000 if they want to buy an executive condominium unit.
Analysts say the buyers of the five-bedroom, over 2,800 square-foot penthouse, while not exceeding the income criteria, are likely to come from wealthy backgrounds.
To date, more than 90 per cent of Heron Bay has been sold, since it was launched last week.
"Although the penthouse is priced at more than a million dollars, I think it's still value for money," said Micheal Tan, the executive director of Ho Lee Group. "Condominiums of such a size, such a (view), such a location, will cost you even more."
The project by Serangoon EC, a joint venture company between CNH Investment, Evia Real Estate Management, Ho Lee Group and See Hup Seng, received more than four times the number of e-applicants for its 394 units.
The condominium is located at Upper Serangoon View.
Units in the project - which is expected to obtain a temporary occupation permit (TOP) in 2016 - sold for an average selling price of S$725 per square foot.
Mr Leslie Lim, Managing Partner of EVIA Real Estate Management, attributed Heron Bay's popularity to its product differentiation, saying it added "luxury touches" to mass housing.
The development has five-bedroom units and features such as ensuite private pool-cum-jacuzzis or gardens, fish ponds for ground-floor units and complimentary fibre broadband service for the first year of occupancy.
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