The showflat at Wandervale EC by Sim Lian Group had a busy weekend over last the week as results from both agencies ERA and Orangetee agencies shows that there were a total of 750 e applications received for its 534 units that are available for sale. The tally results for the number of e-applications received shows that Wandervale is over subscribed by 40% when applications closed yesterday.
Wandervale EC Subscription
Analyst are encouraged by the response seen for the development considering that despite the less than ideal response in the residential executive condominium market, there is an over subscription seen for Wandervale EC. Sim Lian Group note that the ec market in Singapore has been hit by several measures that have kicked into the market including the mortgage service ratio (MSR) as well as allowing buyers in the household income bracket of $10,000 – $12,000 per month to reduce the number of buyers in the ec market.
More EApplications then Units Available
However, it is noted that there could have been a consolidation of buyers as the government has trimmed the number of sites available for EC development. This is in lieu that there are many EC units still available for sale in the market and that trimming was necessary to prevent an oversupply for ECs in the market. Sim Lian Land spokesperson has noted that Wandervale should be selling at an average of $750-770psf. The exact pricing of the individual units should be available a few days before the booking date which is expected to be in 05 March.
It is also noted most of the buyers for Wandervale who has successfully eapplied are looking for bigger units in Wandervale.