ECs (Economic Condominiums) are the newest form of residential real estate. They offer luxurious amenities in a community-oriented environment. These residential communities are usually located in metropolitan areas like Singapore, Hong Kong, and Tokyo. They are also extremely popular among investors and homebuyers, especially those who are looking to invest in real estate with a low price-to-rent ratio.
Location
Interested investors and home buyers can look forward to a new EC development near Tengah Town. The Bukit Batok EC project will have 375 executive condominium units.
The Bukit Batok EC development will be in close proximity to a future Tengah MRT station. This will provide easy access to both Bukit Batok and Tengah. It is also expected to draw healthy interest from HDB upgraders and first-time buyers.
The Bukit Batok EC site is located in a mature estate and is close to established schools. It is also near Bukit Batok Hillside Nature Park. This will provide residents with a nice, green space for recreation. This new EC development is expected to be finished in 2022. It will also feature an elderly care facility and community club.
Community spaces
ECs can be sold at prices that are higher than the official list price. However, there are restrictions on how private condos are sold. These restrictions include the requirement that buyers form a family nucleus and form an occupation period of at least five years.
ECs have an average price range of S$1,250 to S$1,350 per square foot. Prices are expected to rise as more schools are built. These ECs will be fully privatised after 10 years. Buying a private condo will require a bank loan.
A master plan will be introduced to guide the development. It will incorporate the city’s urban planning goals and will address issues that local residents may have.
The master plan will also outline the density of the land and the permissible uses. A community club will be built along with other facilities for residents to use. It is also expected to offer an elderly care facility.
Two luxury residential developments
ECs are a form of hybrid public-private development. They have advantages and disadvantages compared to private condominiums. ECs are typically cheaper than private condominiums. However, there are certain restrictions that you need to adhere to when you purchase a new EC unit.
The government has been proactive in releasing land for ECs. There are currently two luxury residential developments in Bukit Batok West EC that are launching soon. One is the Bukit Batok West Avenue 8 EC. The other is the Copen Grand EC. Both developments are part of the government’s land sales program.
The Bukit Batok West Avenue 8 EC is set to be launched in 2023. It is part of the Confirmed List of Government Land Sales programme.
The Bukit Batok West Avenue 8 EC is expected to yield 375 residential units. It will be located near the Bukit Batok MRT station. It is expected to attract first-time buyers and HDB upgraders. The project will have a gross floor area of 37,348 square metres. The site will be developed with modern architecture. The site is located close to restaurants and shopping centres.
Estimated bid for the land plot
Located on Bukit Batok West Avenue, this new executive condominium (EC) is expected to be launched soon. With a maximum floor area of 37,348 square metres, this site is expected to yield 375 residential units. The project will also include commercial and park connectors, a community club, and an elderly care facility.
The land rate for the Bukit Batok West Avenue 8 EC site was secured in March 2022 for $266 million. This makes it the first EC in almost 20 years. ECs are highly popular amongst HDB flat owners who are upgrading to a higher class of flat. Generally, the price per square foot for an executive condominium is cheaper than a private condominium.
In addition, the location of the Bukit Batok EC site is ideal. It is near shopping centres and transportation hubs, including the Singapore Flyer, Jurong East District, and Downtown Line. This will ensure that residents are well connected to work and amenities. The site is also within walking distance to upcoming MRT stations.
Piermount Grand EC
ECs in Bukit Batok are not ideal for long-term residence. But for investors, these properties are perfect. They are close to major hubs in Singapore and offer convenient transport links. There are a number of educational institutions nearby, as well as other amenities. The neighbourhood is also conveniently located, and can be reached in under an hour by car.
Bukit Batok West Avenue 8 EC is the latest development in the neighbourhood. It will be built on a 1.2-acre site. It is estimated that the project will attract eight to twelve bidders. It will have up to 375 units.
The project is expected to be completed by 2022. Residents of the EC will be able to enjoy amenities such as a community club and supermarket. In addition, there will also be an elderly care facility.