SINGAPORE: Competition in the Executive Condominium (EC) market is likely to heat up, say analysts.
Four EC sites have already been sold while bids for two sites have opened, indicating that at least six EC projects will be launched in 2013.
Popular with developers, ECs like Heron Bay in Hougang which have five-bedroom units sell especially well.
Less than a month after its launch last October, all 16 of its five-bedroom units were sold out.
ECs with five-bedroom units are also expected to be rolled out in Tampines and Woodlands.
Though more expensive to build, five-bedroom units have more appeal due its capacity for multi-generational families and its rental potential, say developers.
"All the ECs are very well-received, the bids are going up and up. The only challenge is how do we focus on the other factors like design to deliver homes that meet expectations," said Albert Teo, developer of CityLife@Tampines and CEO of Amara Holdings.
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