http://www.businesstimes.com.sg/real...r-lake-life-ec

Record high e-applications for Lake Life EC

By Nisha Ramchandani

[email protected]@Nisha_BT

13 Oct


THE 546-unit executive condominium (EC) Lake Life has been more than three times subscribed, receiving a record number of e-applications for an EC project in Singapore.

Developed by a consortium led by Evia Real Estate, the project - which is in the Jurong Lake district - received over 1,848 applications. Sea Horizon received more than 1,500 last year.

Of the more than 1,800 e-applications, about 65 per cent are second time applicants, while the average age of applicants is about 42 years.

Nearly 60 per cent of applicants earn between S$8,001 and S$12,000, while just 10 per cent have a combined income of less than S$5,000. The combined income ceiling for EC applicants is S$12,000.

E-applications ended at 9.30pm on Sunday night. Pricing of the units will be released on Nov 5, which is when the showflats will open for viewing. Bookings for Lake Life will be launched on Nov 8.

"As there were no EC launches in Singapore since October 2013, EC transactions have been slow in 2014," the developer said in a release. "The market has also not been tested since several cooling measures were put in place for the EC sector in December 2013."

Lake Life is the second EC to enter the market this year, and the first EC to be launched in Jurong in the last 17 years. The five-block Lake Life development is on Yuan Ching Road, and has a 99-year leasehold tenure and a 129,135 sq ft plot.