The Lake Life executive condominium (EC) in Jurong Lake District has unveiled the pricing of its units.
In a statement, the Evia Real Estate-led consortium developing the project said prices will range from $799 to $930 psf, while the overall average price is $857 psf.
Located near Lakeside MRT station, the 99-year leasehold EC comprises 546 units and is expected to obtain TOP in 2017.
Unit sizes start from 743 sq ft for a two-bedroom while the largest five-bedroom measures 1,711 sq ft.
The average price of a two- and three-bedder is $685,000 and $898,000 respectively. Four-bedders will be rolled out at an average price of $1.07 million and five-bedders will go for an average of $1.388 million.
The prices appear to be high for an EC project and this is due to Evia’s record price of $418 psf per plot ratio for the land site.
But this is still lower than the indicative market pricing of $880 to $890 psf and significantly cheaper than private condo units in the area which are selling at around $1,300 psf.
Commenting, Vincent Ong, Managing Partner of Evia Real Estate said: “With the mortgage servicing ratio affecting the purchasing ability of potential buyers, we have taken extra care to keep pricing reasonable despite its record popularity.
“While Lake Life is on the higher end of the spectrum, its lower selling price as compared to that of a private condominium means buyers will stand to reap even more returns in the future when taking into account the anticipated appreciation in market value when the EC is fully privatised,” he added.
Meanwhile, the showflat will open earlier for public viewing from 1 November, instead of the previously announced date of 5 November. This is to cater to the expected large crowds before bookings start on 8 November.
Earlier this month, Lake Life received the highest number of e-applications ever for an EC project with 1,853 applications.
Romesh Navaratnarajah, Singapore Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
