Monday, July 24, 2017

Hundred Palms is most oversubscribed executive condominium in history

Source Website: http://www.tnp.sg/news/singapore/hundred-palms-most-oversubscribed-executive-condominium-history
By Linette Heng, Reporter, linheng@sph.com.sg, The New Paper, 24 July 2017 at 06:00 am


Hundred Palms Residences becomes most oversubscribed executive condominium in history
PHOTO: Hundred Palms Residences becomes most oversubscribed executive condominium in history
A 531-unit, resort-style executive condominium (EC) named Hundred Palms Residences was sold out in just seven hours at its official launch on Saturday, showing signs of optimism in a soft property market.
PHOTO: SPH
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http://www.tnp.sg/sites/default/files/styles/rl680/public/articles/2017/07/24/l3730065.jpg?itok=ug7f20_Q
http://www.tnp.sg/news/singapore/hundred-palms-most-oversubscribed-executive-condominium-history


The Yio Chu Kang Road property has also become the most oversubscribed executive condominium in history, with more than 2,700 e-applications received before its launch, its marketing agent ERA said in a statement yesterday.

ERA's key executive officer Eugene Lim told The New Paper that the attractive pricing - units were sold at an average of $836 per square foot (psf) - and location in Hougang, a mature estate, made it popular.

Mr Lim added: "It has been a long time since an EC was launched here, and the next EC launch would only take place quite some time later."


Hundred Palms Residences is a 531-unit, resort-style executive condominium (EC) located at Yio Chu Kang Road near to shopping center Hougang One at Hougang Avenue 9 (Buses 72, 109, 116, 159, 325, 329).
PHOTO: Hundred Palms Residences is a 531-unit, resort-style executive condominium (EC) located at Yio Chu Kang Road near to shopping center Hougang One at Hougang Avenue 9 (Buses 72, 109, 116, 159, 325, 329).
There are a few good coffee shops nearby, one is located at Serangoon North Avenue 4 (Blk 504, Buses 73, 116. Note: Rosyth Primary School is located nearby), and coffee shops at Hougang Avenue 8 ( Blk 631 & 644, Buses 74, 112, 147, 165. Note: Xinmin Primary and Secondary School are nearby).
Bowen Secondary School is located at Lorong Napiri (Buses at Hougang Avenue 2, Bowen School's backgate 25, 55, 74, 132, 147, 165, 854).
There is a popular gym park full of greenery and gym equipments near Hougang street 92 (Bus 112).
PHOTO: Hundred Palms Residences EC in Yio Chu Kang
Picture posted by CHRISTINA NG, temasekhome.com. [2]
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https://www.temasekhome.com/hundred-palms-residences-ec-in-yio-chu-kang/


Buyers of Hundred Palms were mostly concentrated in the housing estates of Hougang, Serangoon, Sengkang and Punggol, said ERA.

Most of the buyers were new Housing Board owners, due to a quota that allows only 30 per cent of each EC development to be allocated to second-time HDB applicants.

The EC, a hybrid of public and private housing, also subjects applicants to an income ceiling of $14,000. Buyers also have to adhere to a minimum occupation period of five years before they can sell in the open market to Singapore citizens or PRs.

After 10 years, the EC would be fully privatised and can be sold to foreigners.

Based on preliminary figures released by the Urban Redevelopment Authority last week, the total number of developer sales for the first half of this year is up 73.8 per cent year on year.

Developers sold 3,426 private homes in the second quarter of this year, up 15.7 per cent from the previous quarter.

Compared with the same period last year, it was a significant 51.9 per cent jump.

Hundred Palms is the second EC launch this year. The 497-unit iNZ Residence in Choa Chu Kang attracted more than 450 e-applications on its opening weekend in February.

So far, the developer has sold 264 units, including 24 units last month at a median price of $786 psf.

The prices at Hundred Palms, which consists of three-, four- and five-room apartments, are also close to recent EC sales. MCL Land's Sol Acres in Choa Chu Kang Grove were transacted at a median price of $829 psf, units in The Visionaire in Sembawang were moved at $811 psf, while Signature at Yishun fetched $757 psf.

Mr Winston Lee, regional head of special projects at Property Guru, pointed out that prices and rentals have been declining, while vacancies have been creeping up.

He added: "Demand is strong only when the price, product and location is good. Hundred Palms checks all the boxes, especially with its location, as well as features such as North-South facing for every unit and well-sized units."

International Property Advisor's Mr Ku Swee Yong thinks that many Hundred Palm buyers are riding on the current property hype and taking advantage of Government subsidies accorded to EC buyers.

He said: "It is the smallest quantum required for investors, especially with the grants. But they should also realise that profits are not guaranteed because rentals have been falling and the number of foreigners will not be increasing."


Tower of London (1962 film)
PHOTO: Tower of London (1962 film)
Tower of London features a wonderful performance from Vincent Price as the deformed and maniacal King Richard III. He has a blast with the role, snarling, limping and seething evil. The movie itself has a few terrifying scenes, one involving a medieval rack (the contraption, not a busty maiden) and another involving a head cage and a rat. The movie itself isn’t exactly scary, but for the time and budget and the direction by Roger Corman, we are given a film that is definitely worth checking out. Interesting fact, which is mentioned in the features, the film was originally going to be shot in colour, but to save money, the producers demanded the movie be shot in black and white.
Posted by Michael Tatlock
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEifayvwBcgrCxJhpk889r5aWmfMJs3XnqitI6GIJYjtUR_34HDE4CJLzaf9-NHfkW90r8UzLFUXpACmuV-iXQv6cWHPhvxz_y13ZW_j6ggLWvOXW_xIFyo_PLWzYMzB8GurIJ028vaxc0sM/s1600/Tower_Of_London_Still_4-2-1.jpg
http://www.mindoftatlock.com/wp-content/uploads/2016/02/Tower_Of_London_Still_4-2.jpg
http://www.mindoftatlock.com/the-vincent-price-collection-iii-scream/

By Linette Heng, Reporter, linheng@sph.com.sg, The New Paper, 24 July 2017 at 06:00 am



Reference
[1] Linette Heng, Reporter, linheng@sph.com.sg, The New Paper, Hundred Palms is most oversubscribed executive condominium in history, posted on 24 July 2017 at 06:00 am, http://www.tnp.sg/news/singapore/hundred-palms-most-oversubscribed-executive-condominium-history

[2] Christina Ng, Hundred Palms Residences EC in Yio Chu Kang, https://www.temasekhome.com/hundred-palms-residences-ec-in-yio-chu-kang/
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