is a favourite catchphrase in show flats. Being the buyer of the first condo in an area supposedly gives you a huge advantage over others, as if you’re inventing a tablet device or an electric car. But does a pioneering spirit in property really pay off?
There are two common understandings of the term.
For example, buying during the first phase of a launch. This provides certain advantages such as early-bird discounts, being able to pick the units with the best facing, choices of units.
Usually, this means getting in on a neighbourhood before it rockets in value, such as through development or redevelopment.
|Project Name||Launch Year||Launch Year Average PSF price||2020 Average PSF price||0% Change (Resale vs Launch PSF Price)|
|Twin Waterfalls||2012||$715||$987 (Resale)||+38%|
|Piermont Grand||2019||$1,098||$1,106 (New Sale)||N.A.|
A year later in March 2012, Twin Waterfalls became the third Punggol EC to launch. It was roughly within a similar walking distance as Prive from Punggol MRT and the then-upcoming Waterway Mall. Twin Waterfalls sold at an average launch price of $715 psf, about 4.2% pricier than Prive.
Ecopolitan EC, located next to Twin Waterfalls, launched in August 2013 (a month after Prive’s TOP). The average launch price of Ecopolitan was $791 psf—10.6% higher than Twin Waterfalls and 15.3% higher than Prive!
Punggol has certainly matured well over the past decade. In 2019, Piermont Grand, the latest Punggol EC to launch, sold at a average of $1,098 psf. Eight years apart, the price gap has widened by 60%.
Moreover, Prive (the first mover) had the highest price appreciation out of the four ECs. So far, six units at Prive have been sold for an average of $1,018 psf, translating to a 48% appreciation since launch.