Over 75 percent or 390 units at the 508-unit Echelon condominium have been sold as of Saturday, indicating a strong start for the property market in 2013.
It was earlier reported that 200 units were sold when the project was previewed on 28 December and this strong momentum continued up to the official launch in the first weekend of the year.
Developed in a joint venture led by City Developments Limited (CDL), the condo comprises two 43-storey towers with apartments ranging from one- to four-bedroom units and loft units.
In a statement, CDL said that 80 percent of buyers are Singaporeans while the rest are permanent residents (PRs) and foreigners “mainly from Malaysia, Indonesia, China, Australia, India, USA and Hong Kong”.
Keen interest for the project was mainly credited to its premium location at the fringe of the city.
Units were initially priced at an early bird average of S$1,700 psf, subsequently rising two to four percent.
“Echelon’s impressive showing reinforces the development’s attractiveness in terms of its location, value, architectural excellence, quality and potential appreciation. The overwhelming response is an endorsement by buyers that Echelon is a distinctive project with all the right ingredients that commands its demand and premium,” said Chia Ngiang Hong, Group General Manager, CDL.
Image: Artist’s impression of the spacious loft units being offered at Echelon.
Romesh Navaratnarajah, Senior Editor of PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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