Here’s all you need to know regarding Ola, the fancy new executive condo at Anchorvale that is expected to launch in Jan 2020.
Even the EC’s name is fancy as can be.
The location of Ola would be right next to the previously sold out Vales EC. It will be next to Cheng Lim LRT station, which is 1 stop away from Sengkang MRT. For upgraders who have been staying around the Punggol and Sengkang area, this EC would be perfect as it is 7 minutes walking to Sengkang MRT. It is also within 1 kilometer to Nan Chiau Primary School.
There are a few condominiums beside Ola, namely The Vales, Treasure Crest and Bellewaters.
Ola is directly across the road from Sengkang Community Hospital and Sengkang General Hospital.
Sengkang Sports Centre is about 10 mins walk or 2 bus rides away from Ola.
Home-seekers who are looking for some greenery around their place of residence would be glad to know that Sengkang Riverside Park is just beside the sports centre.
Sengkang MRT station is a short walk away if one cuts through Compassvale North Gate of blocks 261 and 260.
Ola will be launching in Jan 2020.
Ola EC pricing
The prices for Ola EC at Anchorvale Crescent / Sengkang is expected to be
3 bedrooms – from 900k onwards
4 bedrooms from 1.38m onwards
5 bedrooms from 1.5m onwards
If you’re keen to live in an EC, drop us a message through the form below and we’ll be in touch.
Ola is a 99 year leasehold public/private housing hybrid.
If you’re not aware, ECs cannot be sold to anyone within the first 5 years. At the 5 year mark, it can be sold to Singaporeans. At the 10 year mark, it achieves private condominium status and can then be sold to anyone in the open market.
The conversion from public to private housing is one great benefit of the EC asset class.
For potential buyers who have children about to head to primary school, Nan Chiau is within 1 km away, giving you priority over other parents who do not stay within the 1 km zone.
Nan Chiau primary is considered one of the best primary schools in the Sengkang/Punggol area.
Nearby shopping malls include Compass One at Sengkang MRT and Waterway Point at Punggol MRT.
Waterway point is a short bus ride of about 5-10 mins away.
Seletar Mall and Greenwich V is also a short distance away.
Recent EC price trends
One recent EC that launched is Piermont Grand at Sumang Walk.
This EC is located at the western end of Punggol, right beside Waterway @ Punggol.
Piermont Grand has a mix of 3, 4 and 5 bedroom units.
Sadly no 2 bedroom units because most buyers of ECs are owner occupiers and not investors.
Prices for 3 bedroom compact units at Piermont Grand starts from S$888k. At the more expensive range there are 3 bedroom premium units going for S$1.382m.
Four bedroom units start from S$1.34m with the higher end priced at S$1.405m.
Five bedroom units start from S$1.508m with the highest, a 5 bedroom preimum unit, going for about S$1.808m.
The prices for Ola would be in the approximate range or just a bit higher given its closer proximity to Sengkang MRT station, which is in turn closer to the city centre.
How do I buy a unit at Ola?
There are a few main things that you need to be aware of if you’re interested in buying a unit at Ola.
It would be ideal to get an in-principle approval from a banker to find out the maximum loan amount you can take. From there, you can find out the range of pricing you can afford.
Because bankers can sometimes take quite some time to come back with information, there are numerous online calculators for you to DIY and find out what you can afford.
One example of the output of such a calculator would be as follows.
Input your monthly income, other income and expenses, and your age, and you would get an estimation of the loan amount you are eligible for.
Lodge an e-application. The developer will require all prospective buyers to lodge an e-application with their details. The e-application will require information such as income, marital status and other personal particulars.
This guide would be handy if you want a blow-by-blow account of the process of buying an EC.
There are a few schemes by HDB under which applicants can apply for a unit at Ola.
These schemes are the public scheme, fiance/fiancee scheme, orphans scheme and joint singles scheme.
At least one applicant must be a Singapore citizen.
Importantly, you and all other applicants for a unit cannot have a combined income of more than S$14,000.
Any household incomes above this level would require you to look at buying in the private property market which consists of non-landed condominiums, apartments and landed properties.