Echelon (D3, 99 years, CDL)

[Fisherman]

Home » Market News » Latest » January 2013 » Echelon now more than 75% sold


Echelon now more than 75% sold



Jan 8, 2013 - PropertyGuru.com.sg


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By Romesh Navaratnarajah:
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.

[earthling]

Akang Datang... more to come... all projects launched in D3 in the near future will sell like hotcakes. It's now D3's turn to huat!

[wklibran]

Akang Datang... more to come... all projects launched in D3 in the near future will sell like hotcakes. It's now D3's turn to huat!

I do agree that CDL did a great job in the layout for the 2 bedder units. Given the not so big nor small 732sqf area, it can comfortably put 1 queen bed and 1 single bed in both bedrooms and yet still have space for a squarish hall and no frill side open concept kitchen.

Well done!

[Tay EG]

I think the sales will slow down as those unsold are big units or haven't launched.
When would singland & wing tai launch new condo? By then Echelon could cross $2000 psf for most units.

[hanafi_d2000]

I think the sales will slow down as those unsold are big units or haven't launched.
When would singland & wing tai launch new condo? By then Echelon could cross $2000 psf for most units.

So this development will escape any new ruling on PES?

[kane]

capitaland is rubbing their hands with glee. there is some hope for their d'leedon afterall.

[ZeeWee]

402 units sold as of today

[bakasa2002]

capitaland is rubbing their hands with glee. there is some hope for their d'leedon afterall.

But not sky habitat ...

[wklibran]

402 units sold as of today

Thanks for the update. Do you have any further breakdown by bed type?

[Tay EG]

What would b the impact to Echelon with new cooling measure? Lots of units to be returned to CDL? More ppl rush down to show flat to sign OTP?

[leesg123]

What would b the impact to Echelon with new cooling measure? Lots of units to be returned to CDL? More ppl rush down to show flat to sign OTP?

Why should they return? Esp if have gotten loan approval.

[ekl2ekl2]

for new launches, sign OTP by tonight, will still be under old loan rules

[Tay EG]

Why should they return? Esp if have gotten loan approval.

Mkt might go for major correction as not many ppl will buy 2nd property. Ppl could get cheaper price for those return units fr CDL as no taker.

[jacelynchia]

Mkt might go for major correction as not many ppl will buy 2nd property. Ppl could get cheaper price for those return units fr CDL as no taker.

No matter how the market moves, It is insane to price cheaper....
Then what is the purpose of preview day discounts and it is not fair.
By any means, This practice is not acceptable and I don't think developer will do that.

[Tay EG]

Anyone think that got ppl backup in Echelon after this CM? Or more ppl sign OTP tonight?

[UltimateAro888]

No matter how the market moves, It is insane to price cheaper....
Then what is the purpose of preview day discounts and it is not fair.
By any means, This practice is not acceptable and I don't think developer will do that.

BR residence launch VVIP at 20%. Shortly after, for a limited period they give additional 2%.. The developer say nothing to do with them, it is from their marketing agency fees..

[Tay EG]

Where is BR residence?

[Congress]

Mkt might go for major correction as not many ppl will buy 2nd property. Ppl could get cheaper price for those return units fr CDL as no taker.

I agree that after CM the pool of buyers are smaller now. If drop 10% from current price, additional 7% stamp duty for Singaporeans and 5% more stamp duty for PR and foreigners are nothing. Those cash rich will still buy after 10% price correction. Is 10% major correction?

[jacelynchia]

BR residence launch VVIP at 20%. Shortly after, for a limited period they give additional 2%.. The developer say nothing to do with them, it is from their marketing agency fees..

Never seen BR but this practice Not acceptable to me but 2% is still okay given if leftover units are affected eg noise or no views
but if not the case then I will be very angry, why specially go down and ballot and be promised with the best price when latecomers got the real deal?

[Tay EG]

Never seen BR but this practice Not acceptable to me but 2% is still okay given if leftover units are affected eg noise or no views
but if not the case then I will be very angry, why specially go down and ballot and be promised with the best price when latecomers got the real deal?

This is an open mkt, cannot assume price will go upwards forever. Who says buy later must be more expensive? If no taker for a while & developer can't hold, price has to drop to attract customers.

[jacelynchia]

This is an open mkt, cannot assume price will go upwards forever. Who says buy later must be more expensive? If no taker for a while & developer can't hold, price has to drop to attract customers.

Agreed to a certain extend, but makes no sense to go preview then.
2% is fine, good units probably taken up.
If the discount is a lot more than preview then isn't it spoiling the market in some way and unfair?

FEO always holds up their prices, buyers feel safe when buying.

[Tay EG]

Heard one new launch tonight just to get some buyers before CM kicks in rmr, any idea which one? Sounds like tsunami coming, developer running for their life.

[chiaberry]

Heard one new launch tonight just to get some buyers before CM kicks in rmr, any idea which one? Sounds like tsunami coming, developer running for their life.

La Fiesta in Sengkang.

[kane]

any last min rush at echelon?

[Tay EG]

Guess how many buyer will not exercise S&P? Will CDL drop the selling price?

[phantom_opera]

very few will backout ... you can checkin anytime you want, but you can nver leave

[Tay EG]

very few will backout ... you can checkin anytime you want, but you can nver leave

Heard one case liao, but before CM.

[phantom_opera]

爷爷娶奶奶只用了半斗米；爸爸娶妈妈只用了半头猪；我结婚却要用爹娘半条命！

[ekl2ekl2]

Will be surprised if many pull out bec of CM.
Unlike the ABSD 1 year ago, this new CM introduces a hefty CM 7% increase and those who have signed OTP would likely think they must be very very lucky and psychologically its 7% saving right on, and not forgetting the LTV reduction. So theoretically, as long as prices do not fall beyond 7-10%, its still sensible to stick on.

However, if there is a major correction, then these"lucky" ones may count themselves "unlucky" retrospectively, but nobody can predict accurately whats going to happen in the next few years, whether the massive oversupply, interest rates increase will affect prices to what extent.

[Tay EG]

Now the buyer has to bet whether the price in 2016 will not go down by 7 to 10%, then, holding on will be a gd bet, any increase in price is a bonus. There r still singland & wing tai to push up the price or they will cut throat causing this area to drop price. 1800 to 2000 psf can hold for 4 yrs?