Over 600 applications for 1 Canberra

By Romesh Navaratnarajah:Over 600 e-applications for the 665-unit 1 Canberra executive condo development (pictured) were recorded as balloting closed on Wednesday.

The developer MCC Land expects the project to be oversubscribed "once the last person leaves the showroom," said a spokesman, who estimated e-applications to range between 670 and 680.

But Colin Tan, Research Head at Chesterton Suntec International, expected a better response. The lukewarm demand was attributed to intense competition among developers, especially first-time buyers who usually account for oversubscriptions.

"First-time applicants... have a lot more choices now. There have been a string of EC and DBSS (Design, Build and Sell Scheme) projects all coming out at the same time," noted Tan.

"The advertisements have also come out quite strongly, which reflects a bit on the competition, because they're all launching at the same time, they're all in the far north-east, and they're competing for the same segments of the market."

Nevertheless, 1 Canberra will likely draw more interest when it opens to the public, as it offers competitive pricing. A standard three-bedroom unit is expected to sell for between S$680,000 to S$880,000 while four-bedroom units range from S$860,000 to S$970,000.

"Because it's an EC, pricing is affordable, so it doesn't mean it won't do well once it's opened for all. It's still more affordable, compared to private property," noted Tan.

Despite its better location, interest in 1 Canberra is still weaker than Pasir Ris One, which was 1.94 times oversubscribed. Related Stories: Watercolours EC nearly twice oversubscribed

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