A joint venture between Chingjian Realty, Santarli Construction and Heeton Holdings, the 618-unit property sold 451 units or 73 per cent of its units last month at a median price of $1,381 per square foot.
The remaining 163 units were opened on 7 January this year for second-time buyers who were unable to secure a unit in the first round of sales. 121 units were sold at an average price of $1,380 per square foot.
A total of three EC projects were launched last year, with North Gaia and Copen Grand being the other two, in addition to King's Landing.
North Gaia and Copen Grand sold 8 and 7 units respectively last month, with the former entering the list in fifth place. 207 units or 33% of North Gaia's units have now been sold, while Copen Grand is sold out.
Excluding EC, our new private home sales plunged 34.6 per cent year-on-year to 170 units in December last year.
Analysts attributed this to a lack of new project launches, low inventory and school holidays.
By region, the Core Central Region (CCR), which represents upscale private housing, sold the most units last month, with 89 units.
According to Mr Lam Chun Man, Senior Director of Industrial Research and Consultancy at Eugene Tai, the buying sentiment in the CCR is higher and it is believed that buyers are bullish on high-end properties and that CCR property prices have risen less in this market cycle.
In addition, the increasingly tight financing environment has had relatively little impact on buyers of high-end private homes, while the continued relaxation of borders has brought in more affluent foreign buyers.
Second to fourth on the list are familiar faces, with The Landmark in Pearl Hill and Riviere in the Ribali area, both of which are private developments in other central districts, also taking the runner-up spot with 14 units sold.
The developers of these two projects are expected to continue their success this year by bringing more units to the market.
In third and fourth place, Leedon Green and Perfect Ten, both private residential developments in the Central District, are again on the list with 11 and 10 units sold respectively.
Leedon Green (638 units) is currently 96% sold with 525 units on the market and Perfect Ten is 77% sold with 230 units.
