Strong demand for eCO

Of the 262 units released at the 99-year leasehold eCO in Bedok South Avenue 3, over 220 were snapped up on the first day of its preview, according to The Business Times.

Units at the 748-unit development were selling at S$1,250 psf on average, said marketing agents. Around 95 percent of the buyers are Singaporeans and permanent residents (PRs).

Those who committed to buy units on the first day were entitled to discounts of up to 18 percent, including early-bird, loyalty, and vicinity discounts. The discounts have since been scaled back by around four percent, pushing average selling prices to about S$1,300 psf.

Jointly developed by Far East Organization, Frasers Centrepoint, and Sekisui House, eCO comprises 246 suites, 220 Soho (small-office-home-office) units, 248 condo units, and 34 townhouses. A 549 sq ft one-bedroom suite is priced from S$745,000.

Three of the five blocks launched are almost fully sold, said agents, adding that the two-bedders were the fastest selling units.

Lee Sze Teck, Senior Manager, Training, Research and Consultancy at DWG, said: “eCO’s average selling price psf is very competitive relative to Optima, which, based on caveats lodged with the Urban Redevelopment Authority (URA), is averaging S$1,200 psf to S$1,250 psf. Smaller units at Optima go for as high as $1,500 psf.”

eCO is set to obtain its TOP (temporary occupation period) in 2017.

Source : PropertyGuru – 21 Sep 2012

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