SINGAPORE - Online applications for The Criterion executive condo (EC) in Yishun will start tomorrow, its developers City Developments Limited (CDL) and TID Residential said on Wednesday.
The Criterion is the second EC to be launched after the income ceiling for the public-private housing hybrid was raised from S$12,000 to S$14,000 during last month's National Day rally.
The first is JBE Holdings' Signature at Yishun, a 525-unit project that sits right next door to the 505-unit Criterion on Yishun Street 51.
With Signature at Yishun releasing its prices on Thursday after touting itself as the most affordable EC this year, PropNex Realty chief executive Mohamed Ismail, whose firm is marketing The Criterion, has also promised "attractive" prices to be announced prior to the booking date of Oct 10.
The land price of The Criterion is S$330.13 per square feet, and that of Signature at Yishun S$334.57 psf.
Research houses have indicated a price band of S$750 to S$780 per square foot for new ECs in today's market, down from an average of S$800 psf last year.
Mr Ismail cited an oversupply of ECs and competition from developers, which has resulted in recent projects - such as The Brownstone in Sembawang, The Vales in Anchorvale Crescent and Sol Acres in Choa Chu Kang Grove - making sales of only 20 to 30 per cent over their launch weekends.
The Criterion comprises ten 13-storey blocks and overlooks the Lower Seletar Reservoir and Orchid Country Club. It is is CDL's eighth EC project, with a 99-year leasehold, and is expected to be completed in 2018.
The Criterion is also the first EC to provide an air-conditioning system with air purifying function in all units.