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Tampines EC 'presidential suite' to be priced at $2.05m

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The monster 4,349 sq ft "presidential suite" at an executive condominium (EC) project in Tampines will be the first EC unit to eclipse the $2 million mark if sold at its launch this weekend.

The Straits Times understands that the penthouse unit at 514-unit CityLife @ Tampines, which comes with a roof terrace of about 1,600 sq ft, will be priced at about $2.05 million - or $470 per sq ft (psf).

The unit price rises to $744 psf if only liveable space is counted.

If sold, the overall price will set a new record for an EC - the latest in a string of sky-high prices that have raised eyebrows and led to a raging debate on whether buyers of such expensive ECs should be entitled to Housing Board grants.

These public-private housing hybrids are pushing size and price boundaries, with large, luxurious units that come with fancy designs, rivalling even that of private homes.

The current record is held by a 2,845 sq ft penthouse unit at Heron Bay in Upper Serangoon that fetched an eye-popping $1.77 million in October.

Potential home buyers thronged the showflat in Tampines Avenue 7 yesterday - the first day of the showflat preview - although bookings will start only on Saturday.

All three-bedroom units and smaller will be priced under $1 million with average prices at $770 psf.

This is slightly lower than the median price of $806 psf for the 26 units sold last month at The Tampines Trilliant, another EC project next to CityLife.

Average prices at The Tampines Trilliant, however, were $766 psf when the project was launched in February.

CityLife was more than three times subscribed with about 1,800 applications received by the deadline earlier this month.

About 30 per cent of sales hotline inquiries the project received were geared towards either the presidential suite or the six skysuites, its marketing agent said.

The project is being developed by a consortium comprising Amara Holdings, Kay Lim Holdings and SingXpress Land.

Credit from The Straits Times - 27 December 2012

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