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Positive response for Brownstone EC

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Despite the sluggish executive condominium (EC) market and predictions that upcoming launches will add to the supply glut, the newly launched Brownstone received 300 e-applications and over 2,000 visitors at the sales gallery on its opening weekend on 11 July.

The luxurious 638-unit EC is situated at Canberra Drive, next to the future Canberra MRT Station on the North-South Line in Sembawang, which Mr Eugene Lim, Key Executive Officer at ERA Realty Network, the marketing agency for Brownstone, believes helps the EC stand out.

The EC includes 42 two-bedroom units, 428 three-bedroom units, 162 four-bedroom units and six five-bedroom penthouse with prices ranging from $599,000 to $680,000 for a two-room unit, and $869,000 to $990,000 for a four-room unit.

According to data by the Urban Redevelopment Authority, 4,176 EC units remained vacant as of May, while in the previous year, it was 2,738 units. This means that vacancy rates increased to 15.1 per cent in the first four months of this year compared to six per cent last year.

Commenting on the positive response, director of property firm Chris International, Mr Chris Koh, said in an interview with TODAY, “Considering the number of ECs on the market, buyers are spoilt for choice, so a 50 per cent (application rate) on the development’s first weekend is not bad”.

Government policies such as the Mortgage Servicing Ratio’s cap of 30 per cent and resale levy implemented on second-time buyers have put a lid on demand.

Taken from iProperty

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Guest Monday, 13 July 2020