Published January 08, 2013

CDL's Echelon more than three-quarters sold

By ong chor hao

Strong sales: 390 units out of the 508-unit development at Alexandra View have been sold as at Sunday. The average selling price for the project was $1,700 per sq ft. - PHOTO: CITY DEVELOPMENTS

MORE than three-quarters of City Developments Limited's Echelon private condominium project next to Redhill MRT have been sold since its launch over the weekend.

This translates to 390 units out of the 508-unit development at Alexandra View being sold as at Sunday, CDL said yesterday.

Chia Ngiang Hong, CDL's group general manager, said the strong sales reinforces Echelon'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," he said.

Over 200 units were snapped up in the 99-year condo's preview on Dec 28 last year.

The average selling price for the development was $1,700 per square foot. This was the "early bird selling price", CDL said, and subsequent releases of units will be sold for 2 per cent and 4 per cent more.

City Developments is developing Echelon, which is expected to be completed in 2016, with its joint-venture partners, Hong Leong Holdings and Hong Realty.

The parties clinched the site at the end of 2011, just before the introduction of an additional buyer's stamp duty, which was aimed at curbing the wave of foreign buying at the time and excessive private residential property investment by Singaporeans and permanent residents.

As at yesterday, CDL said that 80 per cent of buyers were Singaporeans, with the remaining 20 per cent of units sold taken up by permanent residents and foreigners.

Echelon will be a 43-storey, twin-tower development. Units will range from one to four-bedroom apartments, and there will also be four penthouses.