http://www.businesstimes.com.sg/spec...aunch-20120921
Published September 21, 2012
eCO sees bustling sales at launch
Over 220 of the 262 units released for sale sold on Day 1
By Mindy Tan
MORE than 220 of the 262 units released for sale at the 99-year-leasehold eCO in Bedok South Avenue 3 were snapped up on Wednesday, the first day of its preview, following pre-marketing efforts which kicked off just more than a month ago.
Marketing agents BT spoke with said units in the 748-unit project were selling at an average of $1,250 per square foot (psf). Buyers who committed to purchase on the first day enjoyed discounts of up to 18 per cent, based on a mix of early-bird, vicinity and loyalty discounts. The discounts have since been scaled back by about 4 per cent, pushing average selling prices up to about $1,300 psf.
The project, jointly developed by Far East Organization, Frasers Centrepoint and Sekisui House, comprises 246 suites, 220 Soho (small-office-home-office) apartments, 34 townhouses and 248 condominium units.
The developers said Singaporeans and Singapore permanent residents made up 95 per cent of the buyers.
Prices start at $745,000 for a 549-sq-ft suite with one bedroom.
Of the five towers launched, three are almost fully sold. While a good mix of one, two and three-bedroom units have been sold, the two-bedroom ones sold the fastest, said agents. Such units range from 581 sq ft to 1,098 sq ft, depending on the unit type.
"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 $1,200 to $1,250 psf. Smaller units at Optima go for as high as $1,500 psf," noted Lee Sze Teck, DWG's senior manager, training, research and consultancy.
He was referring to the nearby Optima@Tanah Merah developed by TID, a tie-up between Hong Leong Group and Japan's Mitsui Fudosan.
eCO is estimated to get its TOP in 2017.
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