Westwood Residences, a 480-unit executive condominium (EC) development in Jurong West has unveiled an indicative price of S$800 psf, down six percent compared to the price of nearby Lake Life EC when it was launched in November last year, media reports revealed.
The lower pricing comes as the EC market starts to feel the pinch following the introduction of stricter mortgage loan rules in December 2013.
“We have to consider the market. When compared to the nearby executive condo, what will buyers think of our condo? So we have to price it very competitively,” said Francis Koh, CEO of Koh Brothers Group, one of the project’s developers.
Westwood Residences is the first EC development where buyers who had previously acquired HDB flats or ECs will be subject to a resale levy.
Developers hope to lure buyers by going big on its cyclist-friendly features, which include a mini velodrome and a bicycle garage that can accommodate 500 bicycles.
“There is a lot of attention on Jurong now, and the bicycle theme differentiates us from other condos and ECs,” said Koh.
Meanwhile, an analyst noted that it may be too early to say if the new development will benefit from Jurong Lake District’s upcoming makeover.
“This project is closer to NTU (Nanyang Technological University), and the Cleantech Park,” noted Sing Tien Foo, Deputy Head at the Department of Real Estate in the National University of Singapore, as cited by the media.
“For the Jurong Lake District area, the project may be located at the fringe of the Jurong Lake District. Although over time, when the area develops, we will probably see the spillover effect. Probably, this will take a while.”
Westwood Residences showflats will open for e-applications on Friday (15 May), while booking for units will start on 30 May.