Lake Life is set to be the first Executive Condominium (EC) to beat the 15 months government regulation to launch e-applications this Saturday.
Developers who acquired EC land parcels after 11 January 2013 will only be allowed to launch units for sale after 15 months from the date of award of the sites or after the physical completion of foundation works, whichever is earlier.
The Evia-led consortium developing Lake Life won the site in August 2013 and is able to launch after slightly over 14 months because foundation works have been completed.
The 15 months waiting period will have no impact on the pricing of Lake Life units, according to the developers. Vincent Ong, Co-Managing Partner of Evia Real Estate said, “As experienced EC developers, we ensured that at the cash flow planning stage prior to bidding for the land, we cater sufficient funds from the beginning.”
The design and drawing plans for Lake Life were ready even before developers tendered for the land. “This approach we took allowed us to turnaround the submission of plans much faster. It also allowed us the ability to budget accurately and manage our cash flow efficiently,” Ong added.
The consortium also managed to complete their foundation works for Lake Life within eight months, compared to the industry average of nine to 12 months.
Located along Tao Ching Road within the upcoming Jurong Lake District, Lake Life features sustainable design and smart home features.
Ong is confident the project will be an attractive proposition for homebuyers and rise above competition, even though there will be other launches happening in Singapore in the next two months: “Of course, pricing and unit size are key factors affecting the decision making process. Beyond that, location and what the development can offer, sometimes weigh more heavily for some homebuyers. There is a lot of pent up demand, especially for Jurong.”
It has been 17 years since the last EC launch in Jurong, according to Ong.