City Developments Ltd (CDL) will begin sales later this week for Echelon, its long-awaited, 99-year leasehold private condominium project next to Redhill MRT Station, sources say.
BT
understands that bookings for the Alexandra Road condo - next to the completed
Ascentia Sky condo - are likely to start on Friday. Potential buyers are said
to have been given an average price indication of "$1,700 per square foot
plus". Word on the street is that about 30-50 per cent of the
development's 508 units may be released for this week's preview, and more than
300 cheques are thought to have been collected.
Designed
by SCDA, units in the 43-storey, twin-tower development will range from studios
to four-bedroom apartments and penthouses.
City
Developments is developing Echelon jointly with Hong Leong Group's Intrepid
Investments and Hong Realty's Garden Estates. The trio clinched the site for
$396 million, or $754 per square foot per plot ratio (psf ppr), at a state
tender that closed on Dec 6 last year - a day before the government announced
the additional buyer's stamp duty (ABSD), aimed at curbing the wave of foreign
buying at the time and excessive private residential property investment by
Singaporeans and permanent residents.
CDL's
bid for the site looked ill-timed during the bleak period which immediately
followed the ABSD announcement. As well, its land price was 9 per cent higher
than the second highest bid at the tender. However, sentiment has since
improved markedly as witnessed by developers' record home sales this year as
well as subsequent land bids in the locale.
At a
state tender earlier this month for a neighbouring land parcel at Alexandra
View, a Singapore Land unit's winning bid was $970.18 psf ppr.
In
September, a consortium comprising Wing Tai, Metro and UE E&C, paid $960.28
psf ppr for an arguably choicer site - 500 metres from Redhill MRT Station but
near the Chatsworth Park Good Class Bungalow Area.
Meanwhile,
at Woodlands Ave 5/Woodlands Drive 16, nearly 2000 e-applications were received
from Friday to Tuesday for the 653-unit Forestville executive condominium (EC)project.
E-applications,
which began on Dec 21, will stay open until 10pm on Dec 26. Balloting will be
carried out at 10.30am on Friday, Dec 28 at the showflat, to be followed
immediately by the start of sales bookings.
The
average price is around $700 psf for buyers on normal progressive payment
scheme.
The
price will be 3 per cent higher for those who choose the deferred payment
scheme (DPS). Under DPS, buyers fork out 5 per cent of the purchase price on
booking, followed by another 15 per cent in the following eight to 10 weeks. No
further payment is due until the 13-storey development receives Temporary
Occupation Permit (TOP) and buyers collect the keys to their unit. TOP is
expected in mid-2016.
Forestville
will comprise 14 blocks. Units will range from two to five-bedroom apartments.
Dual-key units will make up 30 per cent of the 653 units. Forestville will have
29 penthouses, ranging from 1,550 sq ft to
2,756 sq ft.
ECs
are a hybrid of public and private housing with initial buyer eligibility and
resale restrictions which are completely lifted 10 years after the completion
of an EC project. Forestville is being conceptualised and managed by MCC Land
on behalf of its developer, Hao Yuan Investment. Both Hao Yuan and MCC Land are
controlled by unrelated mainland China interests. The project is being marketed
by ERA and PropNex.
Source: Business Times –25 December 2012
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