Thursday, October 7, 2010

Esparina Excutive Condo - Piece of gold?

Some friends have been sharing with me about this new EC project 
in Seng Kang near Buangkok MRT - The Esparina Residences.


Some quick facts:
-      Modeled like a spa resort home, blending comfort and luxury. 
-      With a variety of condo facilities. Comes with 7 thematic spas (not sure what that is), as well as a lap pool and the usual condo facilities (gym, tennis court, function room, bbq pavilion).
-      All within 3 minutes stroll to Buangkok MRT station.
-      Average $750 psf 

Developer:  FCL Compassvale Pte Ltd (JV of Frasers Centrepoint Homes & Lum Chang Grp)
Location: Compassvale Bow (District 19) near Buangkok MRT station
Tenure: 99 year leasehold w.e.f. 2 June 2010
Expected TOP | Vacant Possession: 1Q2014
Expected Legal Completion: 1Q2017
Payment: Normal Progressive Payment Scheme
Status: Executive Condominium (HDB eligibility conditions apply)
Site Layout: 9 residential blocks
Building Height: 18 storeys
No. of Units: 573 units with full condominium facilities


Indicative price range from main website:
2 bedrooms 829 sqft  ~S$600-700k
3 bedrooms compact 1001 sqft ~S$750-800k
3 bedrooms + utility 1066 sqft ~S$800-850k
3 bedrooms dual key 1152 sqft ~S$850-900k
4 bedrooms + utility 1367 sqft ~S$950k-1.03M
4 bedrooms dual key 1464 sqft ~S$1.05-1.1M
Penthouses 1690 to 2583 sqft ~S$1.15-1.3M

Penthouse sounds tempting! Somemore with condo facilities!
So nice and relaxing...
Hmm... but S$800k for a 3 bedroom in Seng Kang worth it???
At least it's very very near to MRT. :)

Saw the below rules on the main website too. Does this applies to all HDB flats, DBSS and EC or just Esparina?

Buying another subsidised housing
If you sell Esparina in the open market, you must wait for 30 months after the sale before you can submit an application to buy:
* a new flat from HDB
* a DBSS apartment from developers
* another EC from developers

Resale Levy
You are liable to pay a resale levy of $55,000 when you buy a second subsidised flat from HDB or take over ownership of a subsidised HDB flat after selling Esparina if you bought it under the CPF Housing Grant Scheme (after meeting the 5-year Minimum Occupation Period (MOP) and the 30-month period).

Channel NewsAsia mentioned that it was oversubscribed and balloting will be this friday.
Best of luck to those friends who are balloting!

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