Given that there is very little new property launches coming up this year, we are now expecting the latest executive condominium, Hundred Palms Residences to open up for sale later this year. This is a new executive condominium at Yio Chu Kang Road and is slated to be popular even before the sales have begun!
Just in case you’re new to the housing market in Singapore, Executive Condominiums (ECs) are a form of hybrid public housing with the HDB rules regulations in place for the initial purchasers and that these HDB restrictions will be completely lifted 10 years after an EC project has been completed.
According to information by property agents, this new Hundred Palms condominium will open for sale in June and is said to be in hot demand because of its location and proximity to the popular Rosyth School (many families in Singapore love to send their children to these top schools). As a matter of fact confirmed by the developer, more than 70 percent of the Hundred Palms Residences residential development are units of 3-bedroom types and above. In additional, they have also catered the top range of four and five bedroom for keen homeowners. This serene and quiet location Yio Chu Kang of Hundred Palms EC helps to elevate the response of Hundred Palms Executive Condominium.
What is so special about Executive Condominiums this year??
Unlike its private residential condominiums, the supply of ECs is very limited, and the only source of new EC sites is from the Government under their Government Land Sales Programme (GLS). There has been no new parcels that are released for Executive Condominiums (even on the confirmed list in the past two GLS exercises). Bearing in mind the 15-month waiting period from acquiring the site and market launch of the project that developers have to adhere to, ECs will be in short supply in 2017 and 2018. Only three new EC projects are expected to be launched this year, compared to five last year.