Will Midtown Bay Launch At High Price?
How does Midtown Bay compare to Rivercove Residences?
As some Internet conversations are showing, the prospect of a million dollar EC has caused some buyers to roll their eyes. Rivercove Residences (launching 1 April 2018) is often singled out as an alternative: Why buy the Beach Road EC for a minimum of $1,000 per square foot, the argument goes, when Rivercove Residences is likely to attractively be more priced?
Midtown Bay site has already manage to get everyone’s attention the past few weeks. Having attracted a record $509.37 million bid from developers, it’s likely that the eventual condo will be one of the most expensive in the area. The estimated breakeven price, when the developers start selling, will very likely be above $1,000 per square foot. This could make it the first million dollar EC site in the certain area. That’s affecting the real way buyers perceive some other properties.
Do you know Midtown Bay is good value for money
The known fact is, just about every other EC Singapore starts looking like good value for money, when you mention Midtown Bay. This is the full case for older especially, appreciated EC in Singapore – a few of these have appreciated to around $1,100 per square foot right now, with the added advantage they are nearer to privatisation (ECs are fully privatised following the 10th year). We may be turning the clock back
Will Midtown Bay launch at high price?
Remember 2012? At the right time, EC prices got so high that Minister of National Development then, Mr. Khaw Boon Wan, stepped into send a sharp message to developers directly.
At the right time, an EC penthouse at Heron Bay sold for $1.77 million; and there is a presidential EC penthouse in Tampines that sold for $2.05 million (it was bought with a “typical middle income family”. Really, that’s what they told the newspaper).
At the very least, this caused Mr. Khaw Boon Wan to warn developers to your investment fundamental premise of the executive condominium” “not, while these were busy looking to observe how much buyers would pay just.