The first executive condominium (EC) launch for the year has posted strong numbers over its first weekend of sales.
Wandervale EC at Choa Chu Kang had sold about 50 per cent of its total of 534 units by yesterday evening, at an average price of $755 per sq ft (psf). It had previously received 783 e-applications.
"The subscription rate and first weekend conversion is the best result for an EC launch for over a year (in terms of percentage sales)," noted Mr Ku Swee Yong, Century 21 chief executive officer. However, he also noted that the project had been about 40 per cent oversubscribed, which meant about 500 applicants must have dropped out.
In terms of the absolute number of units sold, Wandervale's sales performance was comparable to that of Sol Acres EC, which sold 247 units at an average of $780 psf in its launch weekend in August last year.
Wandervale also fared better at its launch than two other ECs released to the market late last year: Signature at Yishun EC and The Criterion EC, which are on adjacent sites in Yishun Street 51. Both were launched in the fourth quarter.
As at the end of January, Signature at Yishun has sold 116 units at a median price of $768 psf and The Criterion has sold 76 units at a median price of $807 psf.
Still, the Choa Chu Kang EC market is set to get more competitive this year.
In addition to Sol Acres, which is in Choa Chu Kang Grove, and Wandervale in Choa Chu Kang Avenue 3, two more ECs are expected to be launched in the area this year.