Jurong EC Lake Life 2-1/2 times subscribed

Singapore

THE 546 units in Lake Life, an executive condominium (EC) in the Jurong Lake District, have been more than 21/2 times subscribed, having

received more than 1,380 applications in the week since the development's launch.

With e-applications ending only on Oct 12, Lake Life could well break the record number of applications received for a new EC launch; Sea Horizon received more than 1,500 last year.

Lake Life is the second EC to enter the market this year, and the first to be launched in Jurong in 17 years; Summerdale was the last one in May 1997.

The developer of Lake Life, a consortium led by Evia Real Estate, said: "As there have been no EC launches in Singapore since October 2013, EC transactions have been slow in 2014. The market has also not been tested since several cooling measures were put in place for the EC sector in Dec 2013.

"Against the backdrop of HDB resale prices registering a fall for the eighth consecutive month, all eyes are on the take-up rate of the 1,758 (units) that will enter the market this year from the three EC launches these two months." The other two ECs are Bellewoods in Woodlands and Bellewaters along Anchorvale Crescent.

The five-block Lake Life development is on Yuan Ching Road, and has a 99-year leasehold tenure and a 129,135 sq ft plot. The pricing of its units will be announced on Nov 5, which is when the show flats will be open for viewing. Bookings for Lake Life begin on Nov 8.