Wow, this Ms. Koh claims her family is "middle-class"? Who are they trying to kid?
The teacher's case sounds like it may be stretching it a little, buying a $1m+ apartment. But oh well, I always maintain that everyone loves a good lifestyle upgrade!
The Straits Times
www.straitstimes.com
Published on Dec 30, 2012
$2m Tampines EC penthouse sold in two hours
Businessman to pay bulk of amount for son who is coming back from the US next year
By Melissa Tan & Cheryl Ong
The much talked-about penthouse at CityLife@Tampines executive condominium was sold for $2.05 million within two hours when bookings began at 10am yesterday.
A woman who wanted to be known as Ms C. Koh and works in the banking industry said she had bought the 4,349 sq ft "presidential" penthouse by proxy for her 25-year-old younger brother and his wife, who are based in the United States.
Her brother will be back in Singapore next year, she said.
She was at the launch with her 56-year-old father, a businessman, who said that he would pay the bulk of the amount.
"My son can't afford it, he's only a salaried employee," he said in Mandarin. He said he owns several other private properties.
Ms Koh, who is in her late 20s, said that her family of seven, including her parents and two younger siblings, intends to live in the five-bedroom penthouse unit, which is on the 15th storey and has a 1,600 sq ft roof terrace. The penthouse is nearly as big as four HDB five-room flats.
The unit price translates to about $470 per sq ft but rises to $744 psf if only liveable space is counted.
The $2.05 million price tag has set a record for an EC and is the latest EC launch that comes with million-dollar price tags and fancy trappings such as outdoor terraces and jacuzzis.
The 514-unit CityLife, which is being built by Amara Holdings, Kay Lim Holdings and SingXpress Land, has 16 penthouses and six skysuite units with open terraces. The smallest penthouse is 1,335 sq ft.
ECs are a public-private housing hybrid and were introduced to meet the aspirations of the so-called "sandwiched class" who might not qualify for public housing but find private property beyond their reach.
Buyers of ECs, who enjoy government grants, must fulfil HDB criteria such as a $12,000 household income ceiling and must fulfil a minimum occupancy period before selling their units.
The launch of ECs with luxurious trappings has sparked a debate on whether the buyers should enjoy Housing Board grants.
Ms Koh told The Sunday Times she was not worried about the debate. "Why is there controversy?
We're just a middle-class family."
Buyers at the launch said the Ci-tyLife EC was a value buy given its location in a mature estate with amenities such as the MRT station, the bus interchange and malls.
All the skysuites and penthouses were snapped up by noon and by the end of the day, 65 per cent of the development was sold.
Housewife Tan Pei Ling, 39, who bought a 1,432 sq ft four-bedroom unit for $1.17 million, said: "There is very good resale potential because of the MRT and upcoming Tampines Hub."
She plans to live in the unit with her 39-year-old husband, who is a teacher, their two young children and her father-in-law.
She said they will finance the purchase with proceeds from the impending sale of her current property, a five-room HDB flat in Tampines which she said was fully paid for.
Mr Adrian Teo, 40, who runs his own social media and marketing company, bought a 2,691 sq ft five-bedroom skysuite for about $1.5 million.
He lives in an HDB executive apartment in Upper Paya Lebar and plans to move into the skysuite with his parents, who are retirees.
He said: "The absolute price is quite high but on a per square foot basis it's reasonable."
CityLife is next to another EC project, The Tampines Trilliant, which was launched at an average $766 psf in February.
A private condominium in the same location would sell for at least 20 per cent higher, said Mr Ong Teck Hui, Jones Lang LaSalle Real Estate's national director of research and consultancy.
At private condominium Waterview in Tampines Avenue 1, which is farther from Tampines town centre than CityLife is, units between 4,155 and 4,768 sq ft sold for $501 to $532 psf two years ago and prices would have gone up by about 10 per cent since then, Mr Ong said.
melissat@sph.com.sg
ocheryl@sph.com.sg
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