UPDATE: The 546-unit Lake Life executive condominium (EC) was more than three times over-subscribed at the end of its e-application exercise last night, attracting a total of 1,853 applications.
This is the most number of e-applications ever for an EC project in Singapore, beating 2013’s record of more than 1,600 for SkyPark Residences in Sembawang.
In a statement, the consortium of developers led by Evia Real Estate said approximately 66 percent of Lake Life’s applicants are second-timers. Second-timers don’t need to pay the HDB resale levy when purchasing units at Lake Life as the site tender was won before 2013.
Moreover, the average age of applicants is about 42 and close to 60 percent earn in the range of $8,001 to $12,000 a month. Only about 10 percent of applicants have a combined income of less than $5,000. The combined income ceiling cap for EC applicants is $12,000.
Located in the Jurong Lake District, Lake Life is only the second EC to enter the market in 2014. It is also the first EC to be launched in Jurong in the last 17 years – the last one was Summerdale in 1997.
The 99-year leasehold project will obtain TOP by 2018; just one year after the nearby Jurong Lake Gardens is completed. Reports about the new Science Centre adjacent to the Chinese Garden MRT station and the possibility of the high-speed rail station linking Singapore to Malaysia being located in the area also contributed to its popularity.
Actual prices for Lake Life will be revealed early next month but are not expected to exceed $900 psf. Bookings will open on 8 November.
Image: A potential buyer being shown the scale model of Lake Life EC. (Photo by Evia Real Estate)
Romesh Navaratnarajah, Singapore Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
