Reduced supply of land for executive condominium development due to property cooling measure means Anchorvale EC by Hoi Hup (to be named as Rivercove Residences), will be the only executive condo to be launched in 2018.
Home buyers who are still on the look-out for an executive condo purchase will find dwindling availability of EC apartments for them to choose from.
Besides Anchorvale EC by Hoi Hup at Anchorvale Lane which is expected to launch in Jan 2018, the next EC development at Sumang Walk (Punggol Town) will be open for tender only in Dec 2017. This means an estimated launch date for this EC in Apr 2019, assuming the land will be awarded in Jan 2018.
This is due to the 15 months stipulated moratorium period.
With no further announcement on new supply of land for EC development, will government plan a suspension of EC development again?
Brief Introduction on Anchorvale EC by Hoi Hup
Located at Anchorvale Lane in young and vibrant housing estate of Sengkang, Anchorvale EC overlooks Punggol Reservoir and Sengkang Riverside Park, bringing riverside living and tranquillity to residents.
The North Eastern Riverine Loop park connector at doorstep allows the cyclist, runner or nature lover in you to connect to places such as Sengkang Riverside Park, Punggol Waterway Park, Lorong Halus Wetland, Punggol Point, etc.
For amenities, Anchorvale EC by Hoi Hup is minutes’ walk to Layar or Tongkang LRT stations, and is within close proximity to Nan Chiau Pri Sch.
More details on the development will be provided once it is released from developer Hoi Hup.
What will pricing be for Anchorvale EC by Hoi Hup?
Developer of Anchorvale Lane EC Hoi Hup is also developer of Hundred Palms Residences EC at Yio Chu Kang Road.
Sales at Hundred Palms Residences EC in Jul 2017 received unprecedented result, and apartments were fully sold within a day, at an average of $836 per sq ft (psf).
At a land cost of S$355.07 per square foot per plot ratio (psf ppr), a BT article in Aug 2016 quoted developer of Anchorvale EC as saying that “Hoi Hup’s bid would translate to a breakeven cost of about S$685 psf and that the group is eyeing an average selling price of S$755-760 psf when the project is launched late next year.”
Developer further added that “The proposed scheme comprises 640 apartments in 10 blocks. The 17-storey project will comprise mostly three-bedders, with some four and five-bedroom units.”
In current market conditions where there’s a limited supply of EC apartments, reports on expected increase in price for residential apartments, as well as a land cost that is higher than Hundred Palms Residences, will average price of Anchorvale EC eventually be higher than $836 psf or will Hoi Hup maintain quoted average selling price of $755-760 psf?
Interested in Anchorvale EC by Hoi Hup?
For immediate update of information released from developer of Anchorvale EC (to be named as Rivercove Residences), please submit the form below. Alternatively, please call developer’s appointed marketing agent to discuss on EC eligibility criteria or financing of an EC.