Lake Life is the first executive condominium project in Jurong in 17 years. Out of the 546 units, 521 have been sold.
SINGAPORE: The first executive condominium (EC) project in Jurong in 17 years opened for booking on Saturday (Nov 8), and it has already sold 95 per cent of its units - 521 units. This makes Lake Life EC the project that sold the most number of units on the first day of sales since June last year.
Sales of the project crossed the 50 per cent mark by noon. By 4pm, 446 units were snapped up.
Its developer said the "overwhelming response" is likely due to the project's location - at Jurong Lake District, and recent announcements by the government to further develop the Jurong area.
Two buyers Channel NewsAsia spoke with are HDB dwellers living in the vicinity. They said in addition to location, price was also a key consideration.
Prices of the 546-unit development average S$857 psf, lower than the earlier indicative prices of S$880 to S$890 psf, with a two-bedroom unit going for S$685,000 on average.
"In terms of the price per square foot, I think this was quite attractive compared to the private developments - I think about 25 to 30 per cent less compared to the other private developments that we saw,” said buyer Nilesh Jadha, who currently owns a five-room HDB flat.
"We love Jurong, we have been staying here for many years and this is the first EC project after 17 years,” said another buyer, Bryan Loh. “We also looked around at other private properties but they are overpriced. I think this EC is the right price for us to buy and stay."
The next EC in Jurong will be launched after the first quarter of next year. It is located at Westwood Avenue, near Nanyang Technological University.
