New Executive Condominium at Tampines with Presidential Suite

A 'presidential suite' at new Tampines EC project

CityLife @ Tampines Location

A vast penthouse nearly as big as four HDB five-room flats combined is spicing up the attractions at the upcoming CityLife@ Tampines executive condominium (EC).

The 4,349 sq ft "presidential penthouse suite" at what the developers brand "Singapore's first luxury hotel-style" EC is a sign of the intense competition to attract EC buyers.

If the 4,349 sq ft penthouse costs $550 psf and its buyer gets a 30-year loan of 80 per cent at an interest rate of 1.2 per cent, the monthly instalment would be $6,332 - more than half the $12,000 monthly income ceiling for EC buyers. The 20 per cent out-of-pocket cost would be nearly $480,000.

The 514-unit CityLife, which is being built by Amara Holdings, Kay Lim Holdings and SingXpress Land, will have an infinity pool and four- to five-bedder "Skysuite" units with open terraces.

CityLife is next to another EC project, The Tampines Trilliant, launched in January and expected to be completed in 2016.

Another recent EC project, Heron Bay, paired private pools with jacuzzis in 12 ground-floor units. These were booked up "within the first weekend" of the launch, said Mr Vincent Ong, managing partner of Evia Real Estate Management, a partner in Heron Bay's development consortium.

Analysts said some buyers would be keen on such fancy projects as these gilt-edged features were relatively rare and ECs were still up to 25 per cent cheaper than mass market condos.

A 2,713 sq ft penthouse at One Canberra in Yishun fetched $1.61 million in August, a record for a new EC unit. The highest psf price is $888 for a unit at The Tampines Trilliant.

E-applications for CityLife can be made from Nov 29. Bookings open next month.

Source: The Straits Times –22 November 2012