This 99 year leasehold site was released back in the second half of 2015 under the Government Land Sales programmes was won by Hoi Hup Real estate. The site websites on over 198,000 square foot with a story proportion of 2.8 has the maximum permitted gross flooring area of around 555,246 of which will mean a yield of over a monstrous 520 property apartment or condos.
The tender was held in Feb 2016 as well as was attended be extremely appealing as a result of the reaction from the programmers. There were a total of 10s bids, the greatest being over $183 million, which was by Hoi Hup Realty which amounts to approximately S$ 331.02 each sq feet each plot proportion. This 99 year leasehold parcel is seen by lots of to be very attractive because it is situateded in mature housing estate and has a pool of potential customers resting on the sidelines. Hundred Palms Residences is additionally near services like Hougang 1 Mall and also is within 1 kilometer to the popular Rosyth College that supplies the Gifted Education Programme. You can also checkout hundred palms residences.
Furthermore, no EC sites have been launched in Hougang in a long while.
What is so unique about Executive Condominiums?
Executive Condominiums (ECs) are a kind of hybrid public housing with the HDB guidelines laws in position for the preliminary purchasers and that these HDB constraints will be entirely lifted One Decade after an EC task has actually been finished. Property experts likewise pointed out that although the website is not alongside an MRT station, it is a bus flight or short repel from Serangoon Station and also enjoys great road connection with the Central Expressway within very easy reach.
Unlike its personal household condos, the supply of ECs is very limited, and the only resource of new EC sites is from the Government under their Government Land Sales Program (GLS). There has been no brand-new parcels that are launched for Exec Condominiums (even on the confirmed list in the previous two GLS exercises). Bearing in mind the 15-month waiting period from obtaining the site and market launch of the task that designers have to comply with, ECs will be in brief supply in 2017 and 2018. Only 3 new EC jobs are expected to be introduced this year, compared with 5 in 2014.