Wednesday, December 26, 2012

City Dev

City Dev: The developer is expected to launch this week for Echelon, its 99-year leasehold private condo project next to Redhill MRT Station, with indicative price of ~$1,700 psf. Some 30-50% of project's 508 units may be released this week and >300 cheques have reportedly been collected. Echelon is jointly developed with sister companies Hong Leong Group's Intrepid Investments and Hong Realty's Garden Estates. The site was acquired for $396m or $754 psf ppr in Dec 11, giving an estimated breakeven price of $1,100-1,150 psf. Nearby sites sold this year saw winning bids at between $960-970 psf ppr.
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