Northwave executive condominium (EC) found 20 units sold during its first day of bookings last Saturday (9 July), despite receiving 240 e-applications, reported The Business Times.
The project’s lacklustre showing to various variables, including poor transport connections and oversupply in the market were attributed by advisers.
Situated at Woodlands Avenue 12, the 358-unit project is a 10-minute walk to Sembawang MRT station, or two stops away from Woodlands Regional Centre.
Meanwhile, two completed ECs within the area – Woodsvale and NorthOaks – have reached the 10-year mark. Established firms noted that these projects are situated much closer to Admiralty MRT station, and developed marketplace watchers.
Northwave EC, on the other hand, is the fourth residential project of its third EC project following Forestville and Sea Horizon, and Hao Yuan Investment in Singapore.
Upgraders can afford to be choosy in now’s buyers’ market, whether in new EC market, the private condominium market and resale EC market, said Nicholas Mak, Executive Director at SLP International.
Along with Woodsvale and Northoaks, there’s a substantial overhang of unsold units in The Criterion, specifically The Brownstone, Bellewoods, previous EC projects and Signature at Yishun.
Meanwhile, Ku Swee Yong, CEO of Century 21 Singapore, said it may be time for the government to review the EC scheme’s relevance.
He disclosed that there may be around 3,000 to 4,000 established but unsold EC units, the inferior that were and operation is an “clear indication that have flooded that was we the market with too much”.
“In fact, increasing the household income to $12,000 for HDB BTO (Build To Order) purchases has cannibalised the amount of eligible buyers,” he said. “The authorities actually should review the need for an EC scheme.”