Jurong EC sales healthy

The Westwood Residences executive condominium (EC) in Jurong West sold around 120 units during its first day of booking last Saturday, media reports said.

Developers of the EC along Westwood Avenue received some 500 applications to book units during the last two weeks.

Prices at the 480-unit project range from $620,000 for a two-bedroom to $1.1 million for a five-bedder.

This works out to an average price of about $738 psf, or slightly lower than the indicative price of $800 psf announced earlier, said the developers.

Westwood Residences is the first EC to be affected by changes to the resale levy rules, which now applies to EC buyers who previously acquired HDB flats or ECs.

Except for Lake Life EC in Jurong, which was 98 percent sold, sales at other EC projects have been slow.

In fact, four projects that were launched since November 2014 still have over 200 unsold units each as at April, revealed URA data.

 

 

Romesh Navaratnarajah, Singapore Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg