SINGAPORE: All 531 units of Hundred Palms Residences, an executive condominium in Hougang, were snapped up by buyers within seven hours of the start of booking on Jul 22, marketing agents ERA Realty Network and Huttons Asia said in a statement on Sunday (Jul 23).
Units sold were at an average price of S$836 psf.
More than 2,700 online applications were received for the units, making it the most oversubscribed EC in history, they claimed.
Aside from the price, they cited the city fringe location and the design of the project as its major come-ons. Prices for typical units started from S$715,000 for a three-bedroom unit, S$1.03 million for a four-bedroom unit and $1.29 million for a five-bedroom unit.
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.
Strong interest saw the 30 per cent quota for second-timer buyers reached by early afternoon. The remaining 70 per cent of the buyers were first-timers. 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 @ Boon Keng, The Peak @ Toa Payoh, Arc at Tampines and Lake Vista @ Yuan Ching.
Their next venture will be an upcoming executive condominium at Anchorvale Lane, targeting an e-application date in the first quarter of 2018.