Healthy demand for CDL exec condo

City Developments' (CDL) The Brownstone, a 638-unit executive condominium (EC), received a healthy number of e-applications during its launch weekend.

Around 300 e-applications have been received, while some 2,000 visitors have thronged its sales gallery, CDL said in a statement yesterday evening.

The EC market has turned competitive as there are several EC projects available on the market.

One factor in favour of the project in Canberra Drive is that it is the only EC to be built directly next to an MRT station, CDL said. The upcoming Canberra MRT station should be ready in the same year that The Brownstone is completed.

Mr Chia Ngiang Hong, CDL group general manager, said: "In a highly competitive market, home buyers have a wide range of new EC projects to select from. The strong response to The Brownstone shows that there is inherent demand for a well-located EC with strong potential appreciation. The north of Singapore is a new growth area, poised for transformation into a lifestyle and commercial hub."

The EC has a textured, brown sandstone-like facade with unique jetty balconies. CDL is developing it together with related company TID, a joint venture between Hong Leong Group and Mitsui Fudosan.

Applications for eligible EC buyers can be made until July 20 and bookings will be conducted on July 25, a Saturday.

The project's pricing may be another factor that is supporting the demand. Initial estimates put the pricing at $599,000 to $680,000 for a two-bedroom flat, $699,000 to $820,000 for a three-bedder, $869,000 to $990,000 for a four-bedder and $1.318 million to $1.38 million for a penthouse.

The pricing will be confirmed closer to the booking date.

Unit sizes range from 732 sq ft for a two-bedroom to 1,711 sq ft for a five-bedroom penthouse.

A version of this article appeared in the print edition of The Straits Times on July 13, 2015, with the headline 'Healthy demand for CDL exec condo'. Print Edition | Subscribe