Heron Bay, Hougang’s latest Executive Condo (EC), looks to be one of the more popular ECs launched so this year because it’s got a view of Sungei Serangoon, which brings to residents coveted waterfront living. The developers call this a ‘deluxe’ executive condo, but would the ‘deluxe’ features come at a ‘deluxe’ price? Find out.
Earlier on in March, this Executive Condo (EC) site saw a total of 7 bids, which saw the developers win the tender with a $141m bid. What this means is that developers are taking an interest in ECs, which is good for the sandwich class especially since the income ceiling has been raised to $12,000 last year.
Developer: EVIA Real Estate and Ho Lee Group
Tenure: 99-year leasehold
Site Area: 133,390 sqft (approximate)
Storeys: 16 and 17
Estimated TOP: March 2016
Unit mix and sizes (approximate)
2BR (~794 – 984 sqft ) x 16
3BR (~1,055 – 1,399 sqft ) x 126
3BR Dual-Key (~1,259 – 1,620 sqft) x 61
4BR (~1,306 – 1,644sqft) x 78
4BR Dual-Key (~1,419 – 1,839sqft) x 63
5BR/ Dual-Key (~1,548 – 2,032sqft) x 32
PH (~1,969 – 2,841 sqft) x 18
There are the usual suspects – swimming pool, gym and all the other stuff that no one apart from kids actually uses. For now we don’t see anything facility-wise that makes this executive condo ‘deluxe’.
Located along Upper Serangoon Road/ Upper Serangoon View, the area seems congested with condos, with around six of them in the vicinity. Unfortunately it’s not terribly near to any amenities like malls and MRT stations or bus interchanges; the nearest malls seem to be Compass Point (Sengkang central), Hougang Mall, while the MRT/ bus interchanges are located at Hougang and Buangkok. There are quite a few schools within a two-km radius. Punggol Park and the park connector are great places for recreation.
Though it is found in the north-east corner of Hougang, you can sorta consider Heron Bay in a mature estate. Hey at least the location beats that of the Sengkang and Punggol condos!
We think the key to this condo is the proximity to the reservoir – Sungei Serangoon. It’s quite a beautiful scenic body of water.
Given the total bid, the price psf ppr is approximately $303, which means the potential selling price could be around $750psf. That’s not bad a price for waterfront living, especially since those who bought units at the ‘proper’ condo next door, Boathouse Residences, paid an average of $923psf in August. The nearest EC in the vicinity, Austville Residences, saw an average selling price of $713psf from the period of June to August. We reckon it’s a steal for the view of Sungei Serangoon that you’ll get.
We’ll try to give you updates on the actual prices as soon as we can.
Anyway, e-applications are now open, and you have until 23rd September, Sunday, to submit one if you’re interested. We reckon many first-timers will be trying their hand at applications; we’ll be keeping our fingers crossed for you guys. Good luck!
Images: Brochure, Onemap.sg
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