The Esparina Executive Condo :: Singapore

On August 13, 2010, in Esparina, by admin

By FRASERS CENTREPOINT HOMES. FULLY SOLD.

Esparina Blocks & Facilities

Esparina Residences, or Esparina EC, is an executive condominium that launched to overwhelming response. Modeled like a spa resort home, blending comfort and luxury.  With a variety of facilities to refresh and relax you.

. Within 3 minutes stroll to Buangkok MRT station.

. With Frasers Centrepoint’s signature quality finishes & design comparable to private condos.

. Average $750 psf  (vs other 99-year leasehold D19 condos near MRT like Scala @ $1150 psf)

. Around $600K to $700K for an 829 sqft 2-bedroom unit.

. Limited units left. For sale direct from developer.

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Investment Potential

$200K to $400K cheaper than similar new private condos near MRT stations.

Which means likelihood of capital appreciation after mandatory 5 years. A report in The Sunday Times 17 October 2010 says that “…ECs that have met their MOP has shown a 66.9 per cent price appreciation from 2004 to this year” which is “…higher than the 51.8 per cent price increase in mass market residential homes…“, with “…location playing a significant part in the rate of price appreciation.

(Bishan Loft 3-bedders are selling for over $900,000 now though further from MRT station.)

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Buying a unit in Esparina EC

Note: All buyers are required to do eligibility processing.

Please call 9633 8633 or Contact Us to find out what documents you need for eligibility processing.

Esparina Residences :: Location Map

On August 12, 2010, in Esparina, by admin

Here’s the site map of Esparina Residences at Compassvale Bow.

Showflat is now open for viewing.  Note that the showflat is not on the site itself.

Buangkok MRT station is underground, running beneath and parallel to Sengkang Central Road. There are entrances to the station on both sides of the road.

To see what the surroundings look like, click Esparina Residences Location to see a street view.

Esparina Residences Site Location Map

Esparina Residences Site Location

For queries or showflat viewing, please call 9633 8633 or leave a reply in Contact Us.

Guide to Buying Esparina EC

On August 12, 2010, in Esparina, by admin
Answers to questions you may have on Esparina EC

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Are there still units available for booking in Esparina EC?

Yes, there are. But the exact units left is a moving target as units are being sold daily, so call if you’d like an update.

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What must I do to book a unit?

Let us know of your interest through the Contact Form and I will contact you to give you the details, including what documents you need to bring.

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What special privileges do I have?

  • 95% of the flat supply is set aside for first-timers in the initial launch period (ie. 1st month); and
  • Second-timers buying new ECs do not need to pay any resale levy.

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Do I have to pay any admin charges or commissions or agent fees?

No, not at all. I will provide you all the information, and look after every step of your buying process, without charging you a cent.

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What is an EC?

An EC, or Executive Condominium, is like any other private condominium in Singapore, with similar facilities, except that it is sold with important initial eligibility and ownership restrictions similar to that for public (ie. HDB) housing. (See page Esparina Eligibility for what the restrictions are.)

But one difference is, your household income must not exceed $10,000 instead of the $8,000 for HDB flats.

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What makes Esparina EC a good buy?

Unlike private condos, eligible first-timers who buy an EC can also apply for the CPF housing grant of up to $30,000, which can be used to help pay the 15% downpayment.

ECs are fully converted to private housing after 10 years. Which makes them no different from private condos then, and you can sell your unit without restriction, even to a foreigner if you like.

Esparina EC is being launched at around $750 to $800 psf compared to the $950 to $1150 psf that similar new private condos near MRT stations are selling at. Which means you can get a 4 bedroom (+ utility!) unit here for the price of a 2-bedder in Scala. And that’s not even taking into account the $30,000 grant you could get!

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What’s the payment schedule like for Esparina Residences?

Similar to private condos, as follows:
If you are NOT currently paying off a housing loan:

  • First 5% cash (by cheque) at time of booking the unit.
  • Next 15% within 8 weeks (typically) of booking the unit. This 15% can be from CPF Housing Grant, or from CPF funds, or from cash.
  • The remaining 80% can be from CPF funds, bank loan, or cash. This is payable progressively, which means that you (or the bank on your behalf) pays out the money as and when construction work reaches certain stages. So if you’re taking a loan, your monthly instalments payable start out small and slowly increases.

If currently paying off a housing loan:

  • First 5% cash (by cheque) at time of booking the unit.
  • Next 15% within 8 weeks (typically) of booking the unit. Of this 5% must be from your own cash, and the remaining 10% can be from CPF Housing Grant (if eligible), or from CPF funds, or from cash.
  • When foundation works are completed, another 10% is payable to the developer. This can be from CPF funds, or from cash.
  • When reinforced concrete (RC) framework is completed, another 10% is payable to the developer. This can be from CPF funds, or from cash.
  • The remaining 60% can be from CPF funds, bank loan, or cash. This is payable progressively, which means that you (or the bank on your behalf) pays out the money as and when construction work reaches certain stages. So if you’re taking a loan, your monthly instalments payable start out small and slowly increases.

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Can I take a HDB loan instead of a bank loan?

Unfortunately, HDB doesn’t give loans for ECs. Not even for first timers.

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For queries or showflat viewing, please call 9633 8633 or leave a reply in Contact Us.

The Esparina Residences :: Facilities

On August 12, 2010, in Esparina, by admin

Quick Facts

. This spa-themed EC, with the luxury of 7 different spas, is called Esparina Residences.

. Sales was the strongest of all the ECs launched recently, as it is the closest to an MRT station.

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Recreational facilities @ The Esparina Residences

  1. Lap Pool
  2. 7 Thematic Spas
  3. Pavilion
  4. Water Playground
  5. Sun Deck
  6. Pool Deck
  7. Roof Gardens with
    • Yoga Deck
    • BBQ Pavilion
    • Recreational Tennis Court
    • Multi-Purpose Court
    • Children’s Play Area
    • Fitness Corner
  8. Clubhouse with
    • Gymnasium
    • Function Room
    • Changing Rooms with Steam Bath

For queries or showflat viewing, please call 9633 8633 or leave a reply in Contact Us.

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