CapitaLand said that its new condominium in Beijing has been receiving an overwhelming response, with 95 percent of Phase One units being sold in just over two weeks.

The Beaufort condominium is situated on a 53,808 sq m land plot near the Beijing Chaoyang Park, one of the largest city parks in China.

The Beijing condominium, which is comprised of 467 units, was launched for sale at an average selling price of $5,600 per sq m. CapitaLand is expecting a total sales value of more than $167 million.

Jason Leow, CEO of CapitaLand China Holdings, said the Chinese government has implemented several measures to ensure that the real estate market develops at a sustainable level.

The Beaufort will have four residential blocks when completed, with 1,027 high-end apartments, one- to four-bedroom units, and studio type rooms.

The entire project is expected to be completed in three to five years, and the first residential block will be handed over to homebuyers next year.