Luxury - A Big Draw For Heron Bay

RESIDENTIAL MARKET

Luxury features make Heron Bay a big draw

Heron Bay Executive Condominium (EC) in Upper Serangoon View, one of the more lavish Executive Condominium projects, drew 1,664 applications for its 394 units after the one-week e-application closed on Sunday.

This translates to approximately 4.2 applicants for each unit, the highest subscription rate for an Executive Condominium over the past few years.

 

According to Vincent Ong, managing partner of Evia, a partner in the development consortium, the project's luxury features on an EC budget is what makes it so appealing.

Units are priced between $715 and $720 per square foot on average. The smallest unit, at about 775 sq ft, is expected to cost around $560,000, while the five-bedroom penthouse has an area of 2,841 sq ft and is expected to cost between $1.5 million and $1.6 million.

The five-room penthouse units are a first for an Executive Condominium development.

Applicants for the units range from young couples to multi-generational families interested in the bigger penthouse units.

Some ground floor units can opt to have a jacuzzi pool of up to six metres in length or a garden pond. European household appliances, free fibre broadband service for a year, a basement carpark and a swimming pool with hydroactivated water that is said to have health benefits, are among the other features offered.

A sea sports recreational centre with kayaks and tandem bikes will also be available.

The project is sandwiched between Serangoon River and Punggol Park.

The Executive Condominium is being developed by a consortium comprising Ho Lee Group, See Hup Seng, CNH Investment and Evia Real Estate Management. Construction is due to be completed some time in 2016.

Balloting will be conducted in about two weeks and successful applicants will be able to book their Executive Condominium units from Oct 26.

Source: Business Times – 25 September 2012