Belysa fully sold at end June, two more exec condos begin preview today

The first new condo offerings for the month of July are City Development’s Blossom Residences at Segar Road and Qingjian Realty’s RiverParc Residence at Punggol. Both are executive condominiums hoping to achieve similar success made by Belysa.

Jointly developed by NTUC Choice Homes and Cel Development, Belysa is a 315-unit EC which was half sold on May 25 launch. It just made another round of booking last June 25.

‎Analyst Ooi Yi Tung of KimEng Research said that outlook for EC remains strong especially those well located ones. “Affordability is the key for EC, Belysa is priced for at least a 20% discount to a comparable private condo and on top of this, buyers are eligible for first timer grants,” he said.

The average selling price for the 602-unit Blossom Residences will be $700 psf or slightly higher than Belysa’s $670 psf, according to real estate agents from CB Richard Ellis (CBRE). Pricing starts at $520K+ for the smallest 2-bedroom unit of around 753 sft.

Blossom Residences offers deferred payment scheme where buyers can opt to pay 20% cash or CPF as downpayment. First timers are also eligible to apply up to S$30K CPF Housing Grant.

Blossom Residences is an executive condominium, which will be privatised after 10 years. This means that there is no restriction on selling to anyone after 10 years from the date of TOP which is expected to be end November 2014.

Sources from CBRE noted that 95% of total units will be reserved for first timer applicants during its launch today, July 1, and the other 5% for HDB flat upgraders.

Prices for 504-unit RiverParc Residence meanwhile range from $650 psf to 680psf. This translates to price starting from $530K+ for the smallest 2-br unit of around 829sft.

RiverParc Residences will become a fully private condo after five years. First timers are also eligible for up to $30,000 CPF housing grant.

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