Sim Lian Group has sold 362 units, or 72% of the 504 units available at Treasure Crest executive condominium in Sengkang over its launch weekend. The EC was 2.1 times oversubscribed at the end of its e-application period on July 10.

All 56 four-bedroom units, approximately 1,345 sq ft in size, have been fully sold.

Units at Treasure Crest were priced at an average of $742 psf, with prices starting from $677,000 or $707 psf for a three-bedroom unit and $735,000 or $683 psf for a three-bedroom premium unit.

First-timers account for over 60% of buyers, with the rest purchased by HDB upgraders. There are 12 remaining units available for purchase under the 30% quota set aside for second-time homebuyers, which will be lifted on August 16.

Buyers have a choice of a normal payment scheme or a deferred payment scheme. The project is due to be completed in 2019.

Separately, Qingjian Realty sold 43 units at Bellewaters EC in June, which is a stone’s throw away from Treasure Crest. According to market sources, the developer has offered a waiver of the premium payable under the deferred payment schemes. Bellewaters is also one of the few remaining projects in the area which do not attract a resale levy.

The take-up rate for Treasure Crest is the highest seen for EC projects since November 2014, when Lake Life in Jurong moved 98% of the 546 units available over its launch weekend. Other ECs that enjoyed strong sales at launch are Heron Bay, Citylife @ Tampines, Lush Acres and Twin Fountains.