Strong demand for Esparina Executive Condo..

Showflats of the Esparina Residences has been packing in the crowd over the 1st weekend of October.

Amongst the reason for its popularity of the 99 leasehold EC by Frasers Centrepoint Homes is its close proximity to the Buangkok MRT station and the first EC to be launched since the La Casa in Woodlands in 2005.

It consists of 573 units, ranging from 829 sq ft for a two-bedroom unit to 2,583 sq feet for a four-bedroom penthouse.

Prices range from $590,000 to $723,000 for a two-bedroom unit; $697,000 to $981,000 for a three-bedroom unit; and $1.005 million to $1.181 million for a four-bedroom unit. Prices for penthouses range from $864,000 to $1.3 million. The temporary occupancy permit is expected in the first quarter of 2014.

The showflat, located along Compassvale Bow, is open for public viewing from 30th Sept to Oct 5 from 11am to 7pm. During this period, no booking or purchasing is allowed.

On Oct 8, successful applicants will have priority to enter the showflat for balloting and booking.
Check out this great xinmsn Video: Strong demand for Esparina exec condo

Blueprint for investment

Source : Today – 13 Aug 2010

Question from Bill Tay

I bought a 8,788 sq ft detached house in Pasir Ris Beach Park with a balance of 67 years in the tenure.

Can you advise me on the following:

Is it worthwhile to build a pair of semi-detached houses with a development charge of $150,000 and building cost of $1.5 million?

What do you think is the likelihood that I would be able to top up the lease to 99 years, given that this estate consists of both 99 and 999 leasehold houses.

Do you have any other suggestions besides building a pair of semi-detached houses?

Reply from Mr Colin Tan, head of Research and Consultancy at real estate consultancy Chesterton Suntec International

I am assuming that the information provided by you is accurate; I have not made any checks myself.

If indeed your lease is 99 years with 67 years remaining, the relevant tax for intensifying land use – that is, to redevelop the property with larger floor areas (your suggestion is to build two houses in place of one) – is known as the differential premium.

The corresponding tax for freehold land is called the development charge.

So, for you, the relevant tax is the differential premium. Topping up of the lease involves yet another payment to the Government.

If I remember correctly, the master land owner of the 99-year lease land is the HDB. Please do check with the HDB with respect to the amount of all the taxes.

If I were to put myself in the shoes of the master planner, I would most likely not allow any top-ups until I have firm plans as to what I intend for the entire area. Have a look at the Master Plan for the area in the URA website www.ura.gov.sg.

I would say the chances are slim, mainly because I think the planners are unlikely to have decided on what they intend for the area any time soon.

Most planners prefer to keep their options open for as long as they can if there is no urgency to develop the area. You can check this with the HDB planners.

Also, I see the area as suitable for expanding the recreational space in that part of Singapore. So, the chance of a rejection for top ups is not insignificant.

As a result of the uncertainty – unless you get different feedback from HDB – the properties there are likely to be most suitable for owner-occupiers and renters.

If you can get a better price than what you paid for, you may want to give it serious consideration. Please do engage the services of a property consultant to give you more detailed advice.