Westwood Residences rides into EC market

[reporter2]

http://www.businesstimes.com.sg/real...into-ec-market

Westwood Residences rides into EC market

By Prisca Ang

[email protected]

May 14, 2015


HOME-BUYERS looking at executive condominiums (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.

E-application commences this Friday, while 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.

[reporter2]

http://www.straitstimes.com/archive/...urong-20150514

Lower indicative price for new EC in Jurong

Published on May 14, 2015 1:16 AM

By Marissa Lee


WESTWOOD Residences, only the second executive condominium (EC) to launch in Jurong over the past 18 years, is being priced at the lower end of initial expectations.

The developers, which initially targeted a range of $790 to $840 per sq ft, unveiled an indicative price of $800 psf yesterday.

The lower indicative price comes as EC sales have generally weakened since measures such as stricter mortgage loan terms were introduced to cool the property sector in December 2013.

Westwood Residences, which is being developed by Koh Brothers and Heeton Holdings, will be the first EC project where second-timers who have already bought a subsidised flat or EC unit will be subjected to a resale levy.

Depending on the type of flat the buyer first bought, the levy should work out to about $40 to $50 psf, Koh Brothers managing director and group chief executive Francis Koh told a briefing yesterday.

At $800 psf, upgraders will receive compensation in the form of a discount, while first-time buyers will get a subsidy, he said.

The developers paid $382 psf per plot ratio for the land last January.

Construction and development is expected to cost between $360 psf and $400 psf.

Last October, Evia Real Estate's Lake Life EC in the Jurong Lake District went on sale at an average of $857 psf.

Lake Life, the first EC to launch in Jurong in 17 years, was a near sell-out.

But look outside Jurong, and take-up rates at subsequent EC launches in Punggol, Sengkang and Woodlands were muted.

"If a Punggol or a Sengkang (project) can command $800 psf, for a Jurong (launch), anything in the range of $800 psf is a fair price," said PropNex Realty chief executive Mohamed Ismail, whose firm is marketing the project.

Buyers are now more "price-sensitive", he added, and Westwood's affordability should curb any "wait-and-see" behaviour.

The 480-unit, 99-year leasehold project is located within the private enclave of Westwood estate, and is four bus stops away from Boon Lay MRT station.

Westwood Residences is also Singapore's first bike-themed development. Around $1.5 million is being spent on sports-themed lifestyle offerings, including an outdoor mini velodrome, an aqua gym and a garage that can house 500 bicycles, secured by a biometrics system.

ECs are a public-private housing hybrid where buyer eligibility is restricted to Singaporeans, with a minimum five-year occupation period before a unit may be sold in the open market.

Westwood Residences showflats will open for viewing tomorrow.

Prices will be announced three days before bookings begin on May 30.

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[MrTan]

Lol. Say cao cao, cao cao reach.

[MrTan]

Now we know why this EC has a cycling theme liao...

http://mypaper.sg/lifestyle/forget-g...cling-20150528

[quote]
Even though Francis Koh was bitten by the cycling bug only in September, the CEO of mainboard-listed Koh Brothers Group is now "hooked" - and it all started when he saw an opportunity to develop a cyclist-oriented property, which has resulted in the upcoming executive condominium Westwood Residences in Jurong.

Mr Koh, who owns a $18,000 Pinarello and a $28,000 Storck, says: "I cycle at least once a week, usually on Sundays when I cover a 52km route with my cycling group. There are 10 to 13 of us. We ride at pretty high speeds - over 30km per hour - so I really need to focus. There's no space for other thoughts or distractions."
[unquote]

Even the bikes he owns are the same model same pricing in this EC lucky draw. But the question is - how many c-suite personnel are buying EC? Looks more like building his own personnel playground for himself and his atas kakis in the residents' backyard with the latter paying for it. Another question - is there any mini golf course built in any of the EC/private residential developments?