Sales have been brisk at Wandervale, the first executive condominium (EC) project launched this year, its developer said yesterday.
About 320 apartments have been sold since the launch of the 534-unit project in Choa Chu Kang Avenue 3 last month, Sim Lian Group noted. It said larger units were most popular with HDB upgraders and young families, with all 82 four-bedroom units sold.
Wandervale comprises 130 three- bedroom units, 322 three-bedroom premium units, and four-bedders ranging from 958 to 1,249 sq ft.
CBRE Research said the sales are "encouraging", likely making Wandervale one of the more successful ECs in terms of take-up since Lake Life in Jurong, which sold 534 of its 546 units at its launch in November 2014. "There's no doubt there is underlying demand, be it ECs or private condos; it is a matter of pricing them right. As to whether this is a green shoot, it is too early to tell, as there're a few more projects coming in," said Mr Desmond Sim, head of CBRE Research for Singapore & South-east Asia.
The average price of units at Wandervale, which is near Choa Chu Kang MRT station, is $755 psf. Prices start from $655,000 for a three- bedder and from $753,000 for a three-bedroom premium unit, while four-bedroom homes go for $896,000 upwards, Sim Lian said.
Chestertons managing director Donald Han said: "Buyers are price-sensitive, so developers that want to enjoy good sales at the project launch will have to come up with an attractive price point. At under $800 psf, I think buyers are coming back to the market."
Wandervale is vying for buyers with nearby Sol Acres EC, a 1,327-unit development by MCL Land launched last year. It had sold 416 of the 707 units launched as at March at a median price of $791 psf.
All in, developers sold 485 new EC units in March. Analysts say sales are likely to hold up this month with two launches in Sembawang - The Visionaire and Parc Life. Other EC projects in the pipeline include Treasure Crest in Anchorvale Crescent, Northwave in Woodlands Avenue 12 and a development in Choa Chu Kang Avenue 5, CBRE Research noted.