Eco Sanctuary Units A Big Draw

Source: Business Times –1 December 2012

Almost 200 out of the 299 units released for sale in Eco Sanctuary in Upper Bukit Timah are understood to have been sold, at an average price of about $1,100 per square foot (psf) after discounts.

The project on Chestnut Avenue, which will have a total of 483 units, began its preview on Nov 23.
SP Setia is the developer of the 24-storey, 99-year-leasehold project. It clinched the site in a state tender which closed in November last year, having paid $180 million or $426 per square foot per plot ratio for it.

The units in the condominium range from one to four-bedders and penthouses. Sizes start at 506 sq ft for a one-bedder and go up to 1,367 sq ft for a four-bedroom unit.

Of the units sold, the lowest-priced one was a one-bedroom apartment on the third floor, which went for $610,000.

The priciest was a 1,981-sq-ft four-bedroom penthouse on the 24th level, which has roof terrace with spa pool above it. The unit cost $1.98 million.

Eco Sanctuary, designed by ADDP Architects, has Green Mark Platinum certification for its eco-friendly features.

A large portion of the space in the development – 86 per cent – is given over to landscaping, water features and facilities.

Facilities in the development will include two tennis courts, two swimming pools and a clubhouse dubbed Island Club, surrounded by a shallow water feature. In addition to a bio-pond, the development will feature a butterfly trail.

Typical units in Eco Sanctuary will have floor-to-ceiling height of 3.35m, higher than the industry norm of 2.9m to 3m.

Developers sold 1,948 private homes, excluding executive condos in October, down 25.7 per cent from September. The dip came from their holding back new property launches to take stock of the curbs on home loan tenures which took effect on Oct 6.

Nevertheless, the sales tally for the first 10 months of this year, at 19,792 private homes, surpassed that for the whole of last year, which was 15,904 units.

It also set a new record, busting the previous high, set in 2010, of 16,292 units.

Sales are expected to slow for November and this month.

Still, agents expect the full-year figures for this year to hit around 22,000 to 24,000 units.

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