The upcoming Executive Condominium (EC) launches are expected to revive the market given the absence of such projects for nearly one year, according to media reports.
“The EC projects to be launched in the next month or so will create a spur factor for other developers to join in the momentum and to launch more mass market projects, which could potentially see a trickling effect on volume of sales coming back to the marketplace at least for the fourth quarter of 2014,” said Chestertons’ Managing Director Donald Han.
The 566-unit Bellewoods at Woodlands Avenue 5 will be unveiled first and interested buyers can submit their online applications starting from 27 September. It will be followed by Bellewaters at Anchorvale Crescent, which will offer 656 units, and Lake Life (pictured) at Yuan Ching Road, with 546 units.
However, the developer behind Bellewoods and Bellewaters believes that buying activity will be less feverish compared to what was seen during the heydays.
“The strong sell-out demand is not coming back. Now, the market is in a more stable state and it will take a longer time to sell EC units,” said Qingjian Realty’s General Manager Li Jun.
“EC prices are hovering around $800 psf, while private home prices are still averaging above $1,000 psf. There’s still a $200 difference,” he noted, adding the average prices for its two new EC projects will fall between $750 and $820 psf.
Meanwhile, an Evia-led consortium is now marketing Lake Life at Yuan Ching Road. Touted as the first EC launch in Jurong in 17 years, the project will be built on land purchased at a record price of $418 psf ppr.
Evia Real Estate’s Managing Partner Vincent Ong said the project will tap the huge pent up demand in Jurong and they are eyeing 2,000 e-applications.
Image source: lakelifeonline.com
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