120 units sold on first day of launch at Westwood EC

Prices at Westwood EC start from about S$620,000

Source: Channel News Asia

SINGAPORE: KBD Westwood Pte Ltd, the developers for the latest EC (executive condominium) project on the market sold about 1/4 of the 480 units on the first day of launch.

Westwood EC Singapore . Main Entrance Drop Off

As at 7pm on Saturday (30 May 2015), buyers snapped up about 120 units at Westwood Residences EC, in Jurong West.

The project opened for sale on Saturday morning, after developers received around 500 e-applications to book units, over the last two weeks.

Pricing at this Westwood EC project ranges from around S$620,000 for a 2 bedroom unit, to around S$1.1 million for a 5 bedroom unit.

KBD Westwood said that this works out to around S$783 per square foot for the units – slightly lower than the indicative price of S$800 per square foot given earlier, and well below the average $857 PSF pricing for Lake Life EC in Jurong.

Westwood Residences is the first Executive Condominium to be affected by changes to HDB’s resale levy rules. The resale levy now applies to EC buyers who had previously bought HDB BTO flats or resale HDB flats with a CPF Housing Grant, or new ECs.

With the exception of Lake Life – which sold almost 98 per cent or 546 of its units – sales for other recent EC projects has not moved as fast.

As of last month, 4 EC projects launched since November last year have more than 200 unsold units each, according to URA’s numbers. These include Bellewoods, Bellewaters, The Amore, and The Terrace.

Click here for the original CNA report (opens in new window).

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