Brownstone EC adds to glut as applications open

SINGAPORE — The glut in the Executive Condominium (EC) market is set to get worse with new launches adding a wave of supply into a housing segment where take-up has been generally lacklustre.

Today (July 9), developer City Developments (CDL) said applications for The Brownstone EC at Canberra Drive in Sembawang will open from tomorrow to July 20, with bookings to be conducted on July 25.

CDL did not reveal indicative pricing for The Brownstone, with a company spokesperson saying this will be done closer to the booking date. 

The 638-unit EC, which CDL said is designed as a luxury version of the hybrid private-public housing type, is located next to the upcoming Canberra MRT Station along the North-South Line. The project comprises eight blocks of 10- to 12-storey residential apartments, including 42 two-bedroom units, 428 three-bedroom units, 162 four-bedroom units and six five-bedroom penthouses. The sizes range from 732 square feet for a two-bedroom unit to 1,711 sq ft for a five-bedroom penthouse.

Mr Chia Ngiang Hong, CDL’s Group general Manager, said: “The Brownstone has an excellent location just next to the future Canberra MRT station. The north of Singapore is poised for a new burst of life... There are plans to build an integrated wildlife park in Mandai and transform Woodlands into a buzzing commercial hub. Adding to the EC’s outstanding connectivity are the upcoming Yishun transport hub, North-South expressway and a proposed Rapid Transit System connecting Woodlands to Johor Bahru. Given the development’s strong locational attributes, we expect keen interest for The Brownstone.”

Analysts, including Messrs Ong Kah Seng and Alex Sun from property research firm RST, have recently said that demand for ECs, with the exception of Lake Life in the Jurong Lake District, had been sluggish at prevailing price levels. They said that the median sale price of about S$800 psf can no longer be supported for projects in locations such as Punggol, Sengkang, Woodlands, Sembawang and Choa Chu Kang, but added that sales will improve significantly if developers cut prices as the sandwiched class are still interested in the hybrid housing type.