Cluster housing rules: Este Villa more than 70% sold in just two days

Over 90 out of 121 units sold as of yesterday since it held preview last Oct 12, reflecting a strong demand for cluster housing despite economic slowdown.

Officials of Kedron Investments, a unit of MCL Land are not available to confirm the data but marketing agents from ERA said that the cluster housing at Nim Road is selling fast with more than half of its units snapped up during the first day of preview.

Este Villa, a 99 year freehold development, is up for sale from $670 psf to $780 psf. It has units ranging from 3,326sqft to 5,404 sqft in size.

Previously known as the Nim Park Apartments, Este Villa is expected to receive TOP on June 30, 2014.

Former Cushman & Wakefield senior manager for research in Asia and Pacific commented that the strong demand for Este Villa reflects the popularity of strata titled landed homes as it has been recognized as providing the best of both worlds - a mixture of niche landed-like living environment and communal facilities for owners to enjoy.

“Although the facilities that come with most strata landed homes may be shared and not individually owned, the owners may in fact find this as an cost effective option as they do not have to spend on individually developing the facility, such as swimming pool, within their homes. Moreover, it makes more economical sense to share these facilities, which are unlikely to be frequently but is occasionally used by each of the owners,” he said.

“Most cluster housing projects till date have received strong buying interest largely because they offer a landed (though not as if the owner owns the land) akin living environment. As land is fairly scarce and landed homes are limited in supply in Singapore, there is a mindset that staying in low rise developments or home which sit specifically on a plot of land, is exclusive,” Mr. Ong added.

Going forward, the industry expert said that cluster housing projects will continue to gain prominence, especially for those which are well conceptualized, despite the economic slowdown, as they are priced a notch lower than pure landed homes, and yet offers the luxury of quaint, individualistic 'landed' living feel.

To contact the journalist, you may send your message to krisana@charltonmediamail.com

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