29 Sep 2014
[SINGAPORE] This year’s first executive condominium (EC), Bellewoods, developed by Qingjian Realty, drew a crowd of 1,500 and some 400 applications after it was launched on Saturday.
A majority of the 400 who applied for the EC project – the application period will end on Oct 12 – in Woodlands live in the northern area, said Qingjian in a statement.
The 561-unit project went on sale at an indicative price between S$750 and S$820 per square foot which visitors felt was “reasonable”, said the firm, adding that most units were going for below S$1 million.
Bellewoods is the last EC in the northern area where buyers do not need to pay HDB resale levy when they buy an EC unit.
“As the EC will be privatised in the future, the indicative price is reasonable. Most importantly, it is near the future MRT, Woodlands South MRT,” said potential buyer Low Kian Feng.
Qingjian Realty (South Pacific) Group’s general manager Li Jun said the enthusiasm was very encouraging with the CoSpace concept very well received.
Bellewoods is the first EC project to be launched here after a one-year long hiatus since JBE Holdings’ Skypark Residences in Sembawang which went on the market in September last year.
The EC space has been tepid this year on the back of a dearth of supply, no thanks to a government ruling in January 2013 stipulating that developers can put up an EC project for sale only 15 months from the date of award of the site, or after completion of foundation works, whichever is earlier. The ruling was aimed at moderating bids for EC sites in the Government Land Sales programme.
But things could pick up with applications for five EC projects expected between now and year-end – including Bellewaters, also by Qingjian, in Sengkang, and the Evia Real Estate-led consortium’s Lake Life in Jurong West.