S’pore’s property issues in 2012

SINGAPORE: 2012 has been record—breaking year for executive condominium projects — both in terms of price and number of units sold.

Property firms Channel NewsAsia spoke to say the number of units sold increased by about four times this year, compared with 2010.

CityLife@Tampines, which was launched on Saturday, has about 500 units. 90 per cent of them have been snapped up.

A penthouse at the development was sold for S$2.05 million.

The government has signalled that it may introduce measures to cool the market. The move is expected to cool prices and ensure that EC units remain affordable for the sandwiched class.

One possible measure would be restricting the floor area for the largest unit in a development to between 1,800 and 2,000 square feet.

But given the high take up rates, some believe affordability will not be an issue.

"The government initially had this concern but based on the results that we are seeing here, it is very affordable," said Albert Teo, CEO of Amara Holdings. "Otherwise, we won’t achieve these results. So, I don’t think there is a concern of affordability."

— CNA/xq