From time to time, there are particular estates that enjoy a high level of popularity right from the start. This is what it happens in the case of Eunos Court, even though homes in this area are put out for sale the second time this year.
At the moment, there are 748 units available in this residential area and there are no less than 2,166 applicants for them. This means that there are 2.9 applicants for every flat in the building, which is quite a competition. What happens here points out toward the fact that people still appreciate estates that are mature, to the detriment of recent ones.
But, it is worth mentioning that this is just an exercise, to see how Built-to-Order or BTO units are doing in the current market. Eugene Lim, the key executive officer at ERA Realty, said that the numbers were no surprise as they were expected to have such a response from the market. Their expectancies were driven by another exercise of the kind that took place in August, where the rate of applicants went up to 1.7 for every available flat, so it was not such a huge difference back then either. Also, from all the units available at Eunos Court, the flats with four rooms were considered most desirable, as the subscription rate for them was the highest, 3.4 times higher to be more precise.
So what makes so many people want to move to Geylang?
According to a spokesman from PropNex Realty, people love the fact that the Eunos MRT station is close by, plus the lack of newly built flats in the area make the ones that are available rather sought after. It was also noticed that people who are looking for homes the second time in their lives or those that would like to get something better and upgrade their lifestyle prefer towns like Geylang and Tampines, which are more mature.
Even if current numbers are great, it is not the Eunos Court that holds the record in this category. There was another BTO sales exercise in May, involving Dakota Breeze, which enjoyed a rate of 5 applicants for every unit, which is more than impressive. In other words, 3,100 people wanted to put their hands on the available 670 flats, so the competition was quite high. Northshore Edge, the BTO project of Pungol, is next on the list, having 388 units consisting in flats with 4 and 5 rooms, disputed by 823 keen homebuyers. This new project will be built by using the latest technology, more precisely prefabricated prefinished volumetric construction, and state-of-the-art materials, to diminish its completion time. This is the first time when this particular technology will make most of the available flats, which is a proportion of 80%.
Those that wait for their flats to be ready hope that this new building method will give them the chance to live in their new apartments sooner than usual or at least in the designated time frame. When it comes to the quality of the process, everybody hopes that the final product will respect all the safety standards.
You can read up more on the BTO exercise from the article below,
http://www.straitstimes.com/singapore/housing/eunos-court-is-top-draw-in-bto-exercise
Preferred mature housing estate? Come, take a look at some of the new launch condos in these area.
- Sims Urban Oasis
- The Alps Residences
- Highline Residences
- Principal Garden
- Upcoming Margaret Drive Condo
