SINGAPORE - Westwood Residences, the second executive condominium (EC) in Jurong to launch in 18 years, has unveiled an indicative price of $800 psf, at the lower end of its earlier target price range.
The lower indicative price comes as EC sales have generally weakened since measures such as stricter mortgage loan rules were introduced to cool the sector in Dec 2013.
Westwood Residences, developed by Koh Brothers and Heeton Holdings, will be the first EC project where buyers who have already bought an HDB flat or EC will be subjected to a resale levy.
The attractive pricing will curb "wait-and-see" behaviour from buyers who have become more price-sensitive, said PropNex Realty chief executive Mohamed Ismail, who is marketing the project, at a media briefing on Wednesday.
Last October, Evia Real Estate's highly-subscribed Lake Life EC in the Jurong lake district went for sale at an average of $857 psf, and was a near sell-out.
Westwood's developers have worked out that the new levy costs resale buyers about $40 psf to $50 psf.
At $800 psf, resale buyers and upgraders will be compensated indirectly in the form of a discount, while first time buyers get to enjoy a subsidy, said Mr Ismail.
The 480-unit 99-year leasehold project is located within the private Westwood estate and is four bus stops away from Boon Lay MRT.
Westwood Residences is also Singapore's first-ever bike-themed development.
Upwards of $1.5 million has been spent on sports-themed lifestyle offerings, including an outdoor mini velodrome and a bicycle garage that can house 500 bicycles, secured by a biometrics system.
Koh Brothers managing director and group chief executive Francis Koh said: "There is a lot of attention on Jurong now, and the bicycle theme differentiates us from other condos and ECs."
ECs are a public-private housing hybrid where buyer eligibility is restricted to Singaporeans, with a minimum five year occupation period before the unit may be sold in the open market.
Westwood Residences show flats will be open for viewing on May 15 and bookings for the units begin on May 30.