Lake Life, the second executive condominium (EC) project to go on the market this year, has 546 units on offer. But it has already received more than 1,200 e-applications after just three days of opening.
Lake Life is located in the Jurong Lake District. Units there are expected to go at around S$880 to S$890 per square foot. The project is being developed by a consortium led by Singapore property developer and property fund management company Evia Real Estate.
Of the applications received so far, one in three is a first-time homebuyer, said the developer. It said applicants were attracted to the project’s location and active living concept.
The development comes after a long pause in new EC launches, after a new rule introduced by the government last year requires developers to wait 15 months from the time the land was acquired, or till the physical foundation works were complete – whichever is earlier – before launching units for sale.
E-applications for Lake Life close on October 12 and bookings will begin on November 8.
Chestertons managing director, Donald Han, said: “If you look at the earlier days, we had robust demand, just prior to the government introducing measures for ECs. City Life, for instance, was launched about 15 months ago and it was launched at a period when we had about 2.5, almost 3 times, subscription rate.”
“So, the subscription rate for Lake Life of about 2 times is nowhere compared to the time before government measures were introduced for ECs, but I think it’s still respectable by virtue of location specific. This month and maybe even moving to next month, we will see a huge dosage of EC projects that will dominate the activity for the private non-landed residential market.”
Source : Channel NewsAsia – 7 Oct 2014