The Amore opened for booking on 17 January with prices ranging from $660,000 for a two-bedder to almost $1.4 million for a five-bedroom unit, without taking into account the 10 percent discount by developers, reported the media.
The last Executive Condominium (EC) where HDB upgraders are not required to pay a resale levy, the project saw 70 units sold out of the 378 units on offer as of 3pm. Three-bedroom units emerged as the most popular among buyers, accounting for 65 percent of units sold.
The project is situated in Punggol, which also saw the launch of another executive condominium – The Terrace – last month. Based on Urban Redevelopment Authority (URA) data, The Terrace still has 619 unsold units.
Notably, Punggol has witnessed six EC projects launched over the last three years. Property firm Century 21 Singapore believes this could have impacted sales at The Amore.
“If you were to expand the geography further to include Sengkang and Upper Serangoon, there have been about 10 ECs in the past three years. And then with the many new pieces of land sold, slated for executive condos, the EC segment itself is probably diminishing in terms of overall potential new demand,” said Ku Swee Yong, Centruy 21’s CEO.
With this, Ku said the government should consider reducing the land allocated for ECs in its land sales programme for the next two years.
“Everything is sort of indicating that perhaps this category of product, in terms of Government Land Sales, could probably take a back seat for the next two years before we build up a potential demand.”
Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email firstname.lastname@example.org