Developer keen on more EC penthouses

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Recalcitrant, I would call it. Please do not use "multi-generation living" as an excuse to price your units at sky-high exorbitant prices. I'll have none of that, please!

The Straits Times
Published on Jan 01, 2013
Developer keen on more EC penthouses

THE developer of Citylife @ Tampines, an executive condominium (EC) that sparked controversy over a huge $2.05 million penthouse, is keen on building penthouses in future EC projects.

"Based on the good response for the penthouses... we will attempt to do it better for our future projects, if that avenue is still available to developers," Amara Holdings chief executive Albert Teo told The Straits Times yesterday in an e-mail message.

"We will be open to developing other EC projects as long as there are any such viable opportunities."

When asked to elaborate on what "do it better" meant, Mr Teo said he was referring to "better designs and ability to meet the needs of home buyers".

Mr Teo added that the penthouses at Citylife "seem to appeal to multi-tier families desiring to live under one roof", and called this "a pro-family practice to be encouraged".

Citylife also has three-bedroom and four-bedroom dual-key units. Dual-key units allow for multigenerational living or leasing.

Amara leads the consortium that developed the 514-unit Citylife @ Tampines. Its partners are Kay Lim Holdings and SingXpress Land.

Citylife was launched last Saturday, and all its 16 penthouses were snapped up by noon that day.

The project saw strong sales at the weekend. More than 90 per cent of the units were sold over two days, said Mr Jeffrey Hong, chief executive of Global Property Strategic Alliance, which is Citylife's lead marketing agent.

Mr Teo said that the "overwhelming response is largely within expectations".

"We strongly believe that this will appeal to the sandwiched class, which is characterised by more sophisticated taste in homes, home lifestyles and interior decoration," he said.

But Mr Teo added that the homes Amara will build in future will remain "in line with (the) authorities' direction and requirements".

The Ministry of National Development warned last Friday that it is closely watching developments in the EC segment.

It had told The Straits Times that it will consider further measures if needed, regarding the sky-high prices of some EC units.

"Minister for National Development Khaw Boon Wan has recently blogged about his concerns that the EC developers should observe the intent and spirit of the EC housing scheme when marketing their projects," a ministry spokesman said.

The latest focal point in the debate over EC prices is Citylife's huge 4,349 sq ft "presidential" penthouse suite, which includes a 1,600 sq ft roof terrace.

It became the first EC unit to eclipse the $2 million mark last Saturday, when it was sold to a multigenerational family.

Industry players have raised suggestions such as imposing a minimum number of units to be built on an EC site, or a maximum size for an EC apartment.

My Value Investing Blog:
I think to sell a $2m unit to a buyer with household income <$12k is not sustainable.

Having said that, I do agree that larger units are needed to support multi-generation families.
if not wrong EC after 10yr will be privatise as private Condo and can sell to foreigner.
the facts are already there,

the young couple cannot afford the 2milo EC.. their dad paid for it....

and since dad is going to pay for it, they shouldn't be allowed to buy EC in the 1st place.. they should go PTE condos....

Greedy developer+greedy buyer = silly MND & taxpayers!!
1) Try NOT to LOSE money!
2) Do NOT SELL in BEAR, BUY-BUY-BUY! invest in managements/companies that does the same!
3) CASH in hand is KING in BEAR! 
should be rich parent now use their kids to multiply their money to buy cheap EC
Why not just let more of the HDB in future be EC design. People is willing to pay anyway.
Leave some for those who are not willing to be in current HDB form.

Just my Diary

Would people still be angry if there are no subsidies?
I look at the resale price of those EC more than 10years old, they are selling at an 10-20%discount than same district pte condo. So what is the differences?
The thing about karma, It always comes around and bite you when you least expected.

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