Response has been overwhelming for SkyPark Residences in Sembawang as befitting the seventh and last executive condominium (EC) project for this year. This, and the fact that next year's supply of new EC is expected to hit a low note - due to a rule on January that mandates developers to wait 15 months after the award of the site or after the physical completion of foundation works, whichever is earlier, to launch an EC - may have contributed to the strong demand. SkyPark is also the only two ECs so far to feature maisonettes. At the end of application time, there were 1,604 applications for the 506 units. Pricing has not been released yet but industry experts estimate that the price will be between $720 psf and $800 psf. The developer, JBE Holdings, paid $211.9 million or $323.76 per sq ft (psf) per plot ratio (ppr) for the 99-year tenure 233,776.86 sq ft site. All EC sites are on 99-year lease. ECs, since their revival in the fourth quarter of 2010, have seen their annual number launched for sale climbing steadily. In 2010, three EC projects were launched - Esparina Residences, Prive and The Canopy – adding 1,659 units to the pool of ECs. The following year saw the number jump to 2,535, and 4,936 in 2012. The highest annual number was in 2012. This year, for the first three quarters, 2,458 was released for sales. Together with the 506 units in SkyPark and 373 units in Waterwoods, the projected number for the year stands at 3,337 – making this the year with the second highest number of EC launches.

Table 1: EC Launched & Sold, Quarterly, 4Q2010 - 3Q2013

Period	EC Launched	EC Sold
3Q13	1,387	1,223
2Q13	1,071	942
1Q13	0	735
4Q12	1,991	1,704
3Q12	0	392
2Q12	1,081	886
1Q12	1,864	1,557
4Q11	0	432
3Q11	1,680	1,274
2Q11	315	569
1Q11	540	608
4Q10	1,659	1,052

Source: URA

Table 2: EC Launched, Annual, 2010 - 2013

Source: URA Need help in working out your finances to buy a EC or otherwise? Speak to an iCompareLoan expert home loan consultant today for some free help to compare Singapore home loans

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