There was a reason to celebrate by MCL land as the previous year ended with the Sol Acres selling more than 70 units by the end of December. The Sol Acres is considered among the biggest Executive condominium projects to date as it houses a whopping 1,327 units. The upsurge in sales begun in July of 2016 with sales recorded standing at 40 units with similar units being sold over the course of three months, double the sales recorded in the first half 2016. The number increased tremendously with the month of October and November recording sales of 50 and 56 units respectively. By December, the total sales stood at 58% representing a total of 770 units that have been sold.
(An artist's impression of Sol Acres)
“Sales of the units at the Sol Acres has continued to grow with an average of 20 units being sold since the turn of the New Year”, the MCL spokeswoman said through an email response.
“We have continued to attract potential buyers but with the typical buyer trait they all wait for other executive condo projects to be launched so as to make comparisons before finally making the decision of buying”, she further added.
The MCL Land keenly noted that most of their potential buyers have returned to purchase units at the Sol Acres since no more executive condominiums have been launched since the Treasure Crest was launched back in July.
The Sol Acres developer has resorted to attracting the younger generation so as to have them buy the one-bedroom and two-bedroom units.
Sol Acres is one of the first executive condominiums to offer one-bedroom and one-bedroom plus study units going against other executive condominiums that have for a long time gone for two-bedroom units and above.
One bedroom at the Sol Acres goes for about $360,000, and with a median price of $790 psf this residential condo is still considered cheaper than other condos nearby.
According to the caveats dating from December 27th 2016 to January 3rd 2017, the prices of all units sold ranged from between $356,000 for a 1 bedroom on the ground floor to $992,000 for a four-bedroom plus flex room unit located on the 22nd floor.
One of the benefits of living at the sol acres is that first time buyers are eligible for a housing grant just like those who buy an HDB flat. In addition the residents will enjoy a wide array of state-of-the-art facilities.
Wandervale is a 534 unit executive condominium that was launched back in February 2016 and which has had 91% of its units sold out at an average price of $746 per square ft by the November of the same year.
More competition is expected to increase as more executive condominiums keep coming up, with the INZ Residence set to start stirring up that competition with its e-application set for February this current year.