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CDL's Echelon more than 60% sold over the weekend

OCBC estimated Echelon's gross profit margin at 40%.

OCBC Investment Research visited City Development’s (CDL) latest launch, the 508-unit condominium project Echelon, over the weekend.

The project near the Redhill MRT station, it said, put up a strong set of numbers in its first weekend of sales, with over 300 units sold at ASP of around S$1.7k psf.

"We believe this launch performance to be above view. The breakdown of units in the project are as follows: 68 one-br units, 152 two-br, 246
three-br, 38 4 br and 4 penthouses. We note that the bulk of the one- br and two-br units have been sold."

May Bank KimEng said that Echelon's ASP of SGD1,700 psf was 13% higher than its assumption of SGD1,500 psf, which is close to the median transacted price at Ascentia Sky next door over the past 12 months.

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OCBC notes that strong buying interests are attributed to attractive mortgage packages offered by banks

Both DBS and UOB were offering attractive mortgage loan packages for buyers at the showflat: 0.85% + 3M SIBOR for the first three years, 1.00% + 3M SIBOR for the fourth year, and 1.25% + 3M SIBOR for the fifth and after. OCBC was offering a mortgage package based off its board rate; at its current board rate of 4.5%, this translates to mortage rates of 1.08% in the first year, and 1.18%, 1.38%, 2.65% and 3.75% in the second, third, fourth and fifth years, respectively.

OCBC estimates that  breakeven ASP for the project at $1.2k psf, which translates to an attractive gross profit margin around 40% for the development.

To recap, CDL together with Hong Realty put in the top bid (S$396m or S$754 psf GFA) for the 99-year GLS site at Alexandra Rd five minutes away from the Redhill MRT station in Nov 2011. There were seven bidders in all and CDL’s bid came in 9% above the next highest.

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