Executive Condominium's Penthouse Units Snapped Up in 90 Minutes

All the penthouse units at an executive condominium (EC) in Sengkang were snapped up on its first morning of bookings yesterday, in another sign of strong demand for EC projects.

The 16 penthouse units at The Topiary were sold within the first 90 minutes, said Kheng Leong, which is developing the project in a joint venture with Qingjian.

The single-storey units went for prices of between $1.3 million and $1.5 million, and are between 1,970 sq ft and 2,476 sq ft.

When The Straits Times visited the showflat at Fernvale Lane yesterday, the room was packed and the snaking queue for bookings reached outside the building.

Ms Jaime Chong, who bought a penthouse yesterday, said she reached the showflat at 9.30am, more than half an hour before balloting began shortly after 10am.

The 33-year-old account manager told The Straits Times that she had shortlisted six penthouse units at The Topiary and managed to secure the last one on her list that was available - a 2,013 sq ft unit that cost nearly $1.36 million.

"We have three kids, so we need to upgrade," said Ms Chong, whose children are aged between one and five.

She lives with her 33-year-old project manager husband and their children in a four-room HDB flat near Buangkok MRT station. The extra space in the penthouse would make it easier for relatives to visit, Ms Chong said.

She added that she was drawn to the EC's amenities such as a swimming pool, as well as its proximity to Greenwich V shopping mall and the upcoming The SeletarMall, slated for completion in 2014.

TheTopiary has 700 units with a mix of two-, three- and four-bedders, as well as dual-key apartments. The smallest unit is 753 sq ft and the cheapest is a $580,000 two-bedder.

Kheng Leong said in a statement yesterday that 225 units were sold in four hours.

It told The Straits Times earlier this week that just over 600 applications had been received during the five-day application period, which closed on Tuesday.

Penthouses, skysuites and other luxe features have become increasingly common at EC projects, as developers pull out all the stops to attract buyers.

For instance, the 514-unit CityLife @ Tampines, which boasts a controversial 4,349 sq ft "presidential penthouse", was more than three times subscribed with over 1,700 applications received by the deadline on Wednesday.

The next EC project expected to be pushed out before the end of the year is Forestville in Woodlands.

Source: The Straits Times –8 December 2012