All 16 penthouses going at between S$1.3 million and S$1.6 million have been snapped up as sales opened on Friday for yet another Executive Condominium (EC) project in the market.
About a third of the units at the Topiary, located along Fernvale Lane, were sold within four hours.
Prices start from S$580,000 for a 2-bedroom unit.
Its developer Kheng Leong said recent transactions in the area show that the price difference between The Topiary and private condominiums is higher than in most other neighbourhoods. The difference is approximately 30 per cent to 40 per cent.
It also added that the interest in The Topiary is indicative that ECs continue to enjoy strong demand from buyers.
National Development Minister Khaw Boon Wan recently urged developers of ECs to be mindful about the intent and spirit of the EC policy.
He had said developers should ensure that units are affordable to the targeted EC applicants.
ECs were introduced to help Singaporean families earning within S$12,000 per month acquire a condominium at below market rate.
Source : Channel NewsAsia – 7 Dec 2012