All the penthouses of The Brownstone executive condominium (EC) in Sembawang were snapped up at its launch over the weekend.
With close to 30 per cent of the 638 units sold, City Developments (CDL) said in a press statement yesterday that the chic New York-inspired EC is the “best-selling EC launched” so far this year.
Of the 185 units sold, 65 per cent of the buyers were eligible first-time buyers, said CDL, which is developing the 99-year leasehold project on Canberra Drive in a joint venture with related company TID.
The units were sold at an average price of $810 per sq ft (psf), with prices ranging from $596,000 for a two-bedroom, $695,200 for a three-bedroom, $835,200 for a four-bedroom and $1.316 million for a five-bedroom penthouse. CDL said resale prices of completed new private condominiums in the vicinity are transacting at about $1,000 psf.
The project, which is set for completion in 2019, offers sizes ranging from 732 sq ft for a two-bedroom to 1,711 sq ft for a five-bedroom penthouse. The Brownstone is CDL’s seventh EC project and the only EC directly next to an MRT station.
Brownstone is next to the upcoming Canberra MRT station, which should be ready in the same year that The Brownstone is completed.
Mr Chia Ngiang Hong, CDL’s group general manager, said: “Given today’s highly competitive EC market, we are very pleased with the robust take-up rate for The Brownstone, which reflects the strong attributes of this project.
“With the north of Singapore poised to transform into a lifestyle and commercial hub, The Brownstone’s convenient location just beside the upcoming Canberra MRT station and its attractive pricing offer a significant upside for homebuyers.”