Popular Lake Life EC prices lower than expected

SINGAPORE — The first executive condominium (EC) offering in Jurong in 17 years has been priced an average of S$857 per square foot (psf), lower than its earlier indication of S$880-S$890 psf, its developer Evia Real Estate announced today (Oct 30).

The announcement comes after the project received 1,853 e-applications, the highest number seen for an EC development.

“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,” said Mr Vincent Ong, managing partner of Evia Real Estate.

“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 if fully privatised,” he added.

Evia and its consortium partners paid S$272.84 million for the 217,298 sq ft site at Yuan Ching Road/Tao Ching Road that Lake Life sits on. At around S$418 psf ppr, this is the most expansive EC land to date in Singapore.

ECs are hybrid public-private homes with initial buyer eligibility and resale restrictions that will be completely lifted 10 years after the completion of the project.