Echelon to commence sales this week

The much-anticipated Echelon condominium project (pictured) by City Developments Limited (CDL) will commence sales later this week, reported The Business Times.

EchelonLocated along Alexandra Road, the 43-storey 99-year leasehold development will reportedly sell units at an average price of “S$1,700 psf plus”, said sources. The report added that about 30 to 50 percent of the 508 units will be released on Friday.

Units available range from studios to four-bedroom units and penthouses. Designed by SCDA, the condo is sited next to Redhill MRT station and is being jointly developed with Hong Leong Group’s Intrepid Investments and Hong Realty’s Garden Estates.

The site was awarded at a tendered price of S$396 million, or S$754 psf ppr. Interestingly, the tender was closed a day before the government introduced the additional buyer’s stamp duty (ABSD) last year in a bid to cool the property market.

CDL’s bid was considered ill-timed following the ABSD announcement. The land price was also nine percent higher than the second top bid. Nevertheless, market sentiment began to improve with record home sales and strong land bids within the area, the report noted.

Source : PropertyGuru – 26 Dec 2012

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