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Competitive Pricing at the Latest Launch

E-applications open on Friday for Westwood Residences - a new executive condo (EC) project in Jurong West which will be officially open for bookings on May 30. Upcoming new launch condo include Parc Botannia while existing ones include Kingsford Waterbay, Seaside Residences and Grandeur Park Residences. Parc Botannia prices and Parc Botannia showflat showflat will be available shortly.

The 480-unit development at Westwood Avenue is the first EC to be affected by changes to resale levy rules. The resale levy now applies to EC buyers who had previously bought HDB flats or ECs. The other EC that would be affected by the resale levy includes The Brownstone EC and The Vales EC.

Westwood has an indicative pricing of S$800 per square foot (psf). That is about six per cent lower than what another executive condominium (EC) project in the area - Lake Life EC - went for, S$850psf, when it was launched in November last year.

Said Mr Francis Koh, group CEO of one of the EC's developers, Koh Brothers Group “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."

Westwood Residences is hoping to attract homebuyers by going big on cyclist-friendly features. It will house some 500 parking lots for bicycles - with a bicycle maintenance area - and an outdoor mini velodrome.

One analyst said it may be too early to say if the new EC project will benefit from the upcoming makeover for Jurong Lake District.

"This project is closer to NTU (Nanyang Technological University), and the Cleantech Park,” said Mr Sing Tien Foo, Deputy Head at the Department of Real Estate in the National University of Singapore. “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."

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New launch located near jurong lake district

Imagine heading out of your executive condo on your bicycle to explore Singapore’s next hot spot that has been earmarked to bring the city closer to where you live.

Imagine heading out of your executive condo on your bicycle to explore Singapore’s next hot spot that has been earmarked to bring the city closer to where you live.

Where are you? Westwood Residences, an executive condominium set in the Westwood landed estate that offers views unobstructed by HDB blocks. Located near jurong lake district, which has been identified as Singapore next exciting development, Westwood brings a diverse mix of offices, shops, hotels, F&B, sports, recreation and medical facilities, parks and community space to your doorsteps. Upcoming new launch condo include Parc Botannia while existing ones include Kingsford Waterbay, Seaside Residences and Grandeur Park Residences. Parc Botannia prices and Parc Botannia condo showflat will be available shortly.

As Singapore’s first bicycle themed development, Westwood executive condominiums has some interesting offers of its own too. For starters, is has Singapore’s first mini outdoor velodrome and kids traffic garden. Westwood executive condo is also the first residential development to have a covered bike garage with biometric view scanner access and cctv monitoring.

Bicycle storage is no issue at Westwood where there are close to 500 bicycle parking lots and lockers. There is also a maintenance are where you can wash, air dry and pump you bicycle tires.

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More Foreigners Buy Resale Executive Condo

Increasing numbers of foreigners are snapping up executive condo in the resale market and helping to push prices to record levels.

Foreigners, including permanent residents (PRs), bought 321 ECs or 33 per cent of all resale homes last year, said Savills research and consultancy, with Indian nationals by far the biggest segment. Upcoming new launch condo include Parc Botannia while existing ones include Seaside Residences and Grandeur Park Residences. Parc Botannia prices and Parc Botania showflat will be available shortly.

This is up from 18 per cent in 2004, when PRs were first eligible to buy exec condos, the poshest form of public housing.

The foreign market presence was even higher in the first two months of the year with foreigners comprising 45 per cent of transactions in the exec condo resale sector.

Foreigners made up 34 per cent of buyers in the private mass-market resale segment in the same period, indicating the increased appeal of exec condos.

This interest, coupled with the booming property sector, is also affecting values. The average price of a resale exec condo unit hit $634 per sq ft (psf) in the first two months of the year - up 31 per cent on the previous peak in the third quarter of 2008.

Executive condo, like other Housing Board (HDB) flats, are subject to a minimum occupation period of five years. After that, they can be sold only to Singaporeans and permanent residents. They become private property after 10 years and can then be sold to foreigners.

PRs can have their pick from about 9,494 executive condo units while non-PR foreigners have about 6,318 units open to them, Savills said.

Some of these units are in Bishan Loft, The Eden in Tampines and Simei Green condominium.

Foreign interest in resale exec condos is also expected to remain strong as many cannot buy an HDB resale home under the new property rulings, added Ms Christine Sun, senior manager at Savills research and consultancy.

The rules introduced last year require that those who buy an HDB resale flat on or after Aug 30 must dispose of their private property - including any overseas - within six months of the purchase.

Savills also said sales data showed Indian nationals have bought 296 resale exec condos since 2004, making them the biggest group of foreign buyers.

Malaysians were next with 276 units while buyers from China accounted for 222 units.

Woodsvale in Woodlands is the most popular estate with 138 transactions since 2004. Northoaks - also in Woodlands - and Simei Green condominium are slightly behind.

But Bishan Loft holds the price record with a 1,991 sq ft unit selling for $944 psf last October.

Price gains have been moderating lately with values inching up just 1 per cent in the first two months of the year compared with the last quarter, Savills said.

This could be down to the recent property measures, price resistance and an increased mass-market home supply from the bumper release of state land, the firm added.

Experts noted that exec condos are often value-for-money purchases as they can be up to 25 per cent cheaper than private mass-market homes.

'New mass-market home prices have surged to record highs in recent quarters... Resale ECs that are more affordable than mass-market homes offer good alternatives for most of these buyers,' Ms Sun said.

PropNex chief executive Mohamed Ismail said exec condos are also often relatively new and in reasonably good condition as most are less than 10 years old.

'Most foreigners might have been relocated here and would buy exec condos for owner-occupation, often with a mid- to long-term perspective,' he added.

Global Property Strategic Alliance chief executive Jeffrey Hong added that exec condos are more popular when the gap between public and private housing widens, as has been the case over the past year.

He expects interest from foreigners to continue increasing as more exec condos reach their 10-year mark and become eligible for purchase by foreigners.

Mr Marc Grange, a Singapore PR who works in the electronics sector and rents a flat in Bishan, said he would consider purchasing an exec condo unit as prices at new condos are out of reach for him and his fiancee.

'Exec condos are a good middle ground. But their limited numbers mean finding a suitable place that's in a good location is the hard bit,' he said.

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