YET another executive condominium, the popular public-private housing hybrid, is being launched, this time in Yishun amid a cluster of private housing.
The 99-year leasehold EC, 1 Canberra, is being launched today and property experts expect prices to be reasonable.
Industry sources said that average per sq ft (psf) prices are likely to range from $680 to $720.
The 665-unit EC along Canberra Drive includes three- and four-bedroom units as well as five-bedroom penthouses.
It also boasts dual-key apartments; a studio typically attached to either a three- or four-bedder to enable extended families to live together.
At 1 Canberra, three-bedders measure 950 sq ft to 1,259 sq ft, ranging from compact units without a yard space, standard and dual-key units.
Four-bedders are at a size of about 1,250 sq ft to 1,442 sq ft.
Five bedroom penthouses range from 2,250 sq ft to 2,713 sq ft.
The project is developed by MCC Land (Singapore) and is expected to be ready before the third-quarter of 2015.
Mr Mohamed Ismail, PropNex's chief executive, believes that the EC will see a strong take-up rate, given its location and design.
'It has a resort lifestyle feel... the developer has designed it well,' he said, adding that an average price of $700 psf is 'affordable' for home buyers.
'The EC is located in a cluster of private properties... As Yishun is an older estate, it enjoys a strong hinterland of upgraders from there and surrounding areas like Sembawang,' Mr Ismail said.
He expects good response from upgraders and first-timers alike.
The 292,280 sq ft site is a 15-minute walk from Yishun MRT station, but future residents can also take a free two-way shuttle bus in the first two years. This will be provided by the developer.
Interested home buyers have from today today till May 9, 10pm, to make their E-Application for a unit at the showflat. Balloting will begin May 10.
The showflat on Yishun Ave 7 is open from 10am daily.
In a bid to give upgraders a fairer chance at getting a unit at the project, MCC Land will issue a queue number to those buyers picked after the 30 per cent second-timer quota is reached.
This will allow them to be picked immediately for any leftover apartments after the balloting process, rather than on a typical case-by-case appeal basis, a spokesman said.