220 apartments snapped up at Bedok South project preview

Published on Sep 21, 2012

By Esther Teo, Property Reporter

MORE than 220 apartments at eCO in Bedok South were snapped up at a preview yesterday as projects close to MRT stations continue to enjoy strong interest.

Homes at the 748-unit project were sold for about $1,250 per sq ft (psf), with prices starting from $745,000 for a 549 sq ft one-bedder. These prices include early-bird discounts.

About 95 per cent of buyers were Singaporeans and permanent residents. They cited the project's proximity to Tanah Merah MRT station, Changi Airport, Bedok Central and good schools as reasons for picking up a unit.

Retiree Soh Poh Neo, 56, said she bought a 1,152 sq ft three-bedder for $1.37 million, or $1,188 psf, as an investment for her son.

Madam Soh found the location in Bedok South Avenue 3, the reasonable pricing and the nature-inspired concept of eCO, such as its 100m-long boardwalk through conservation trees, appealing.

"The draw is also the value and the potential upside I can get from the project. In comparison, other condos in the area like Optima and Casa Merah have units that are selling at higher prices," Madam Soh added.

News that a Queenstown HDB flat sold for $1 million also helped spur her into buying, as she fears prices could rise further on the back of costlier land and higher construction costs.

Businessman K.C. Seah, 38, who picked up a 1,038 sq ft three-bedroom investment unit for about $1.24 million - or about $1,200 psf - said the location was the clincher. He lives in a landed home near the area and is familiar with the amenities nearby.

"It's not close enough to the MRT station that you get the noise but also not that far. The green concept is also interesting," he said. "I hope to rent out the completed unit but if not, I can still leave it for my children and since I can afford something now, I might as well buy something I like."

Experts said the limited number of new launches in the area means there is still demand from Housing Board upgraders and investors.

HSR Property Group special adviser Donald Han noted that unlike the ample supply of new condo launches in the Punggol and Sengkang estates, there are fewer alternatives for buyers in the Tanah Merah area.

He added that the successful launch also reflects the surge in the property market that typically comes after the Hungry Ghost Festival.

New private homes sales in September are likely to be more robust as 920-unit RiverSails in Upper Serangoon Road gets pushed out later this month as well, Mr Han added.

The eCO project comprises small-office, home-offices (Soho), suites, lofts, condos and townhouses. The project, which is being developed by Far East Organization, Frasers Centrepoint and Sekisui House, is expected to be completed in 2017.

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