The Esparina Executive Condo :: Singapore

On August 13, 2010, in Esparina, by Reviewer

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 Contact Us to find out what documents you need for eligibility processing.

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Paya Lebar Quarter :: Mixed development to launch showflat & VIP Preview early 2017. See other details at the website, including about the Park Place Residence floor plans and price . Singapore

Whistler Grand . New condominium launch at West Coast Vale by City Developments Pte Ltd . VIP Preview and Showflat Opening will be in early 2019

Esparina Residences :: Location Map

On August 12, 2010, in Esparina, by Reviewer

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 leave a note in Contact Us.

Guide to Buying Esparina EC

On August 12, 2010, in Esparina, by Reviewer
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 leave a reply in Contact Us.

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Forest Woods Condo launching 4 mins walk from Serangoon MRT Interchange Station :: Currently over 90% sold . About 15 minutes drive off-peak from Orchard Road & Raffles Place CBD

Uptown at Farrer condominium launching 3 mins walk to Farrer Park MRT Station :: About 10 minutes drive off-peak to Orchard Road and 15 minutes to Raffles Place CBD

The Esparina Residences :: Facilities

On August 12, 2010, in Esparina, by Reviewer

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 leave a reply in Contact Us.

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The Juniper Hill condo is a brand new freehold development in the Bukit Timah area. It replaces the former Crystal Tower condominium that was sold collectively en bloc by the former owners, who each pocketed a princely sum for their respective apartments. The bidding for this parcel of land was pretty intense, drawing a total of 12 bids that was eventually won by Allgreen Properties.

Allgreen intends to develop the Juniper Hill condo site into a 120 unit luxury condominium, with apartments on the larger side than is the norm for new residential developments nowadays. This would probably be more fitting for the Juniper Hill upmarket location, than the mickey-mouse units typically found elsewhere. Furthermore there has been a noticeable trend lately for larger apartments to be more popular, as the market is now skewing towards buyers who are owner occupiers, rather than pure investors.

Just as Esparina was an executive condominium catering to people buying a unit for their own occupation, so the Juniper Hill condo is probably catering more to that buyer profile. Except this is a much higher end, upscale neighbourhood, with a price tag to match accordingly. It is also just on the outskirts of Orchard Road, and close to several brand name schools. Such as the Anglo-Chinese School at Barker Road, and the Singapore Chinese Girl’s School further up Bukit Timah Road.

Prices has not been decided yet, but is likely to be over the SGD$3,000 mark, with smaller apartments typically costing more on average per square foot. Nor is the Juniper Hill showflat ready yet, and the floor plans are still going the rounds of the various authorities for approval. The launch for this condominium development will likely be in early 2019.

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