SINGAPORE (EDGEPROP) - The first executive condo (EC) of 2022, North Gaia, opened its sales gallery and showflats for public preview last weekend. The sales gallery at Canberra Link drew about 2,000 visitors by the close of Saturday, and another 1,700 on Sunday. This brings the tally of visitors over the weekend of April 9-10 to 3,700. (Discover insightful data of any Singapore condominium with our condo directory)

“The last time we saw such crowds was three years ago in the pre-Covid era,” says Doris Ong, deputy CEO of ERA Singapore. “A lot of people haven’t visited showflats in a long time," she adds.

The easing of the safe management measures allowing a maximum capacity of 1,000 visitors in a developer's project sales gallery was "timely", notes Ken Low, managing partner of SRI. "It caters to the surging demand for EC and the strong attributes of North Gaia," he says.

The 616-unit North Gaia at Yishun Close opened for e-application on April 7, and will be launched for sale on April 23. “We are very encouraged by the strong interest in our project,” comments Lee Sze Hao, CEO of Sing Holdings, the developer of North Gaia.

Read more: North Gaia to set trend for EC projects at average price of $1,250 to $1,280 psf

Ismail Gafoor, CEO of PropNex doesn't see the strong turnout as "revenge property buying" in the wake of the easing of restrictions. “We knew this was going to be the hottest-selling project of 2022,” he says. “With the latest EC land bids crossing $660 psf per plot ratio, the upcoming projects will be launched at higher prices. We therefore expect strong interest due to pent-up demand for ECs.”

Limited supply is another reason, with fewer than 15 units left unsold from the existing stock, points out Gafoor. There are only two EC projects that have remnant units for sale. The 413-unit Provence Residence at Canberra Crescent, which was launched in May last year, has just three unsold units. At Parc Greenwich on Fernvale Lane in Seletar Hills, only 10 of the 496 units in the EC project remain unsold.

Like Provence Residence and Parc Greenwich, North Gaia is located in the northern region. What’s more, the last new launch of an EC project in Yishun was in 2015, says Mark Yip, CEO of Huttons Asia. “Buyers are therefore eager to see what the first EC launch in 2022 is offering,” he adds.

The relaxation of safe management measures for developers’ sales galleries has allowed more prospective buyers to view the showflats. At North Gaia, viewings were still conducted by-appointment only. This was done to ensure the safety of visitors, says Sharlin Tan, head of marketing and sales at Sing Holdings. “Viewing appointments were set up at various intervals to give us time to sanitise the sales gallery,” she explains.

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