{"id":20919,"date":"2016-07-11T10:58:01","date_gmt":"2016-07-11T03:58:01","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/tepid-sales-recorded-at-northwave-ec\/"},"modified":"2016-07-26T15:41:28","modified_gmt":"2016-07-26T08:41:28","slug":"tepid-sales-recorded-at-northwave-ec","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tepid-sales-recorded-at-northwave-ec\/","title":{"rendered":"Tepid sales recorded at Northwave EC"},"content":{"rendered":"


\nNorthwave will be the first EC to have an indoor badminton court cum function hall. Source: Hao Yuan Investment
\nNorthwave executive condominium (EC) saw 20 units sold during its first day of bookings last Saturday (9 July), despite receiving 240 e-applications, reported The Business Times.
\nConsultants attributed the project\u2019s lacklustre showing to various factors, such as poor transport links and oversupply in the market.
\nSituated 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.
\nMeanwhile, two completed ECs within the vicinity \u2013 Woodsvale and NorthOaks \u2013 have reached the 10-year mark. Market watchers noted that these projects are located much closer to Admiralty MRT station, and were developed by established firms.
\nWoodsvale was developed by Pidemco Land, which was then merged with DBS Land to form CapitaLand, while NorthOaks was developed by the Hong Leong Holdings, the privately held property arm of Hong Leong Group.
\nNorthwave, on the other hand, is the fourth residential project of Hao Yuan Investment in Singapore, and its third EC project following Forestville and Sea Horizon.
\nIn today\u2019s buyers\u2019 market, upgraders can afford to be choosy, whether in the private condominium market, new EC market and resale EC market, said Nicholas Mak, Executive Director at SLP International.
\nIn addition to Woodsvale and NorthOaks, there is a substantial overhang of unsold units in previous EC projects, namely The Brownstone, Bellewoods, The Criterion and Signature at Yishun.
\nMak expects the oversupply situation in the EC market to improve after one to one-and-a-half years.
\nMeanwhile, Ku Swee Yong, CEO of Century 21 Singapore, said it may be time for the government to review the EC scheme\u2019s relevance.
\nHe revealed that there may be around 3,000 to 4,000 launched but unsold EC units, and the poor performance is an \u201cobvious indicator that we have flooded the market with too much\u201d.
\n\u201cIn fact, increasing the household income to $12,000 for HDB BTO (Build-To-Order) purchases has cannibalised the number of eligible buyers,\u201d he said. \u201cThe authorities really should review the need for an EC scheme.\u201d
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Tepid sales recorded at Northwave EC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Northwave will be the first EC to have an indoor badminton court cum function hall....<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-20919","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-5rp","jetpack-related-posts":[{"id":49246,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/northwave-ec-right-location-right-time\/","url_meta":{"origin":20919,"position":0},"title":"Northwave EC: Right location, right time","date":"March 23, 2017","format":false,"excerpt":"\r Artist\u2019s impression of Northwave EC) Special Advertising Feature Did you know Woodlands is set to be the success story? Singapore\u2019s northern gateway \u2013 One of the Urban Redevelopment\u2019s (URA) proposed new regional centres, Woodlands is set to be transformed into a booming metropolis, offering a modern, dynamic and diverse\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2017\/03\/Woodlands-location-map-1024x749.jpg?fit=1024%2C749&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":63952,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/several-factors-responsible-for-rise-in-ec-sales\/","url_meta":{"origin":20919,"position":1},"title":"Several factors responsible for rise in EC sales","date":"August 18, 2017","format":false,"excerpt":"\r Artist\u2019s impression of Northwave EC in Woodlands. Sales of executive condominium (EC) units picked up in July, buoyed by the quick sell-out of Hundred Palms Residences in Hougang. 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