More new executive condominium units top $1m mark
Some 100 sold above $1m in Q2; highest price is a $1.61m penthouse
An increasing number of executive condominium (EC) units are being sold with million-dollar price tags, as this segment of the market grows in popularity.
More than 340 new EC units have been sold at over $1million each since the relaunch of the housing category in late 2010, with half going in the first eight months of this year, Savills Singapore research head Alan Cheong noted. Moreover, close to 100 units with $1 million-plus price tags were sold in the second quarter of this year alone.
The million-dollar buys include two sky suites at The Rainforest in Choa Chu Kang - one at 2,476 sq ft for $1.58 million; the other, 2,433 sq ft for $1.56 million.
Meanwhile, a 2,713 sq ft penthouse at One Canberra in Yishun was sold for $1.61million in August, a record for a new EC unit. But the highest per sq ft price was $941 for a 958 sq ft unit at Arc at Tampines. The average price for all new EC units was $822,000 in the second quarter this year.