This week in property: ECs to breach $1,000 psf, $1.18 bil en bloc launched for Faber Gardens, Airbnb-rentals possible soon for condos

Property highlights of the week from April 16 to April 20.
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Transaction volume in the executive condominium (EC) segment is expected to get a boost from the launch of Rivercove Residences on Anchorvale Lane in Sengkang, the only EC project to be launched so far in 2018.
The EC saw nearly 80 per cent of its 628 units sold at an average price of $965 psf for its first ballot and booking exercise over the past weekend. This is in spite of its higher average selling price, which is almost 15% higher than that of $842 psf achieved at Hundred Palms Residences when it was launched in July 2017.
The previous record price for an EC was set by the 546-unit Lake Life in Jurong Lake District. It was launched and fully sold at an average price of $870 psf in November 2014.
While it was not a surprise that Rivercove Residences did well, owing to the lack of new EC supply, the sharp increase in prices also reflects a strong rerating for EC and private home prices in the Sengkang/Punggol area.
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Owners of Faber Garden along Upper Thomson Road have launched a collective sale of their 34-year-old freehold residence at a reserve price of $1.18 billion. The freehold site, which comprises a mix of three shop units and 233 apartments consisting of mansionettes, penthouses and townhouses,...