http://www.straitstimes.com/archive/...ekend-20141110

Lake Life EC sells 98% of its units at weekend

Published on Nov 10, 2014 1:28 AM


MUCH has been said about how the property market is slowing, but it was full speed ahead for Lake Life at the weekend.

The executive condominium (EC) in Jurong sold 98 per cent of its units, 534 out of 546, by yesterday.

This, after having sold a solid 95 per cent of its units on Saturday, the day of its launch.

Units at the project by Evia Real Estate range from $799 to $930 per square foot (psf), with an average of $685,000 for a two-bedroom unit, $898,000 for a three-bedroom, and S$984,000 for a three-bedroom premium.

Evia managing partner Vincent Ong said the prices likely drew the crowds.

"Today, because of cooling measures and bank loan rules, the absolute quantum of the unit you buy is more important than the psf price," he said.

"So, we studied the demographics of Jurong and considered what would be affordable for people in this area, and decided that most of our units should be $1.1 million at most."

Lake Life's location, in an area that is set for a major uplift by the Government, as well as the fact that there has not been an EC in Jurong for 17 years, were also big draws, Mr Ong added.

Buyer Nilesh Jadhar, who bought a five-bedder for his family to live in, agreed.

"We have stayed in Jurong the past seven years and were looking for private properties to upgrade to in the area. We saw this EC and realised that from a pricing point of view, it was a good deal for us," he told The Straits Times.

"And with the Jurong Lake District coming up, it is also a great location and a good investment for the future."

The 12 unsold units are three- to five-bedroom homes, mostly on the ground floor or second floor, Mr Ong said.

Lake Life is the third of five ECs entering the market this

quarter. Bellewoods in Woodlands was the first to go on sale on Nov 1.

A second, Bellewaters, was launched last Friday. Qingjian Realty, which developed both, has not released sales figures for either project.

YASMINE YAHYA