In a new record of sales of Executive Condominiums in Singapore, all the 531 units of Hundred Palms residences in Hougang were sold within seven hours of the start of the booking.
The executive condominium residential units were sold at an average price of SGDD836 psf (per square foot)
Marketing agents ERA Reality Network and Huttons Asia claimed that more than 2,700 online applications were received for the units, making it the most oversubscribed EC in history.
Prices for typical units started from USD715,000 for a three-bedroom unit, USD1.03 million for a four-bedroom unit and USD1.29 million for a five-bedroom unit. Besides, the price, the fringe location and the design of the project attracted the buyers.
Hundred Palms Residences is located along Yio Chu Kang Road, near the Hougang and Serangoon neighbourhoods. The project is developed by Hoi Hup Hougang Development, a subsidiary of Hoi Hup Realty.
About 70 per cent of the buyers were first timers while the quota of 30 per cent for second-timers reached by early afternoon. Buyer addresses were diverse with most of them being concentrated in the housing estates of Hougang, Serangoon, Sengkang and Punggol, the agents said.
Hoi Hup Realty has also jointly developed several public housing projects with Sunway Development, such as City View at Boon Keng, The Peak at Toa Payoh, Arc at Tampines and Lake Vista at Yuan Ching.