Westwood Residences rides into Executive Condo market

Home buyers looking at executive condo (ECs) in Jurong will find a new prospect in Westwood Residences, a joint development by Koh Brothers and Heeton Homes that is selling for an indicative price of S$800 per square foot.

The 480-unit Westwood Residences will be Singapore’s first bike-themed residential development with a suite of facilities catering to bike enthusiasts and non-bikers alike.

Westwood will feature an outdoor mini-velodrome – the first of its kind within a residential development in Singapore. They will also be able to enjoy a two-tier bike garage comprising 500 lots and individual bicycle lockers, secured by biometric vein scanners and CCTVs.

The development will also contain a bike maintenance area – complete with repair tools such as tyre pumps and air compressors – with four bike stands for bicycle maintenance and repair.

In addition, families may appreciate Westwood’s “BMX adventure” park – a child-friendly contoured terrain area – and a “traffic garden” to educate children about road safety.

Other facilities include an indoor gym, club house with a function room, kids’ playground, as well as a dining pavilion with a BBQ area. There will also be a 50m lap pool inclusive of an aqua gym, kids’ pool playground and spa seats.

Westwood Residences is the second EC project to enter the market in Jurong after Evia Real Estate’s Lake Life was launched last year. Prior to Lake Life, Summerdale was launched in May 1997.

Koh Brothers and JV partner Heeton Holdings have 80 and 20 per cent stakes in Westwood respectively. The 99-year leasehold development, expected to obtain the Temporary Occupation Permit in 2018, will house units ranging from two-bedrooms to five-bedrooms.

The 480 units comprise 28 two-bedders, 62 three-bedders, 98 four-bedders and 28 five-bedroom units. There will also be 168 three-bedroom premiums and 96 four-bedroom premiums. Sizes range from 689 to 765 sq ft for a two-bedder, while a five-bedroom unit will occupy 1,475 to 1,518 sq ft.

Westwood enters the EC market amid a string of new projects which could be launched this year. Together, they make up some 5,000 EC units. Earlier this month, consultants estimated that there were still approximately 2,100 unsold units from twelve EC projects launched, reflecting an oversupply of EC units.

Despite this, Westwood’s developers remain upbeat about the EC’s potential to move units, citing a strong value proposition due to strategic location and product differentiation.

“In Jurong, this is the second EC in 18 years, so the pent-up demand is there. Taking into consideration the resale levy that’s applicable to upgraders, we have factored this into our pricing considerations to ensure affordability for all homebuyers,” said Koh Brothers managing director and chief executive officer Francis Koh.

Starting from the Westwood Residences project, second-timers who apply for new EC units will have to pay a resale levy.

Mr Koh added that the EC is also conveniently located near lifestyle and education facilities such as Jurong Point and Nanyang Technological University, as well as major expressways and the Boon Lay MRT station. Uniquely, it is also nestled among landed property rather than HDB flats, he said.

Bookings will start on May 30, 2015. The show flat will be available for public viewing throughout the two weeks. Buyers can also look forward to a free foldable bike with every purchase of a unit. They also stand a chance to win S$18,000 Pinarello and S$28,000 Storck bikes in lucky draws conducted every 120 units moved.

Upcoming executive condo includes The Brownstone EC at Canberra Link and Signature At Yishun EC at Yishun St 51.

Source : Business Times