Our thoughts: The developer, Qingjian Realty (South Pacific) Group, won the site in May 2013 at $341.21 psf ppr. This is the 3rd EC in that area; Twin Fountains and Forestville were the previous EC launched. This is the 1st EC site in Woodlands to be developed by Qingjian Realty (South Pacific) Group. We look forward to gather more information on the unit size and the pricing strategy from the developer.
To sum up this news in 3 pointers:
- Where is it? – This is an almost trapezium-shaped site located at the junction of Woodlands Avenue 5 and 6.
- What’s so special? – In January 2013, the government imposed a rule that future ECs can only be launched 15 months from the date of award of the sites or after the physical completion of foundation works, whichever is earlier. This is the 1st EC launched after this rule is implemented.
- What’s the future development there? – The site is located near the upcoming Woodlands South MRT station along the Thomson-East Coast Line.
For the full article from ChannelNewsAsia here
A new Executive Condominium (EC) along Woodlands Avenue 5 will be launched soon. Bellewoods is the first EC to be launched after the Government introduced a sale restriction rule in January last year.
Under the rule, developers of EC sites can only launch them for sale 15 months from the date of award of the sites or after the physical completion of foundation works, whichever is earlier. Potential home owners can apply for a unit at Bellewoods online starting Sep 27.
Construction of the new EC has already begun. It will be located near the upcoming Woodlands South MRT station along the Thomson-East Coast Line. Developers expect Woodlands to be a vibrant place as the Government has earmarked it as a regional centre.
The property market has cooled down after the authorities introduced measures to ensure home owners are more prudent with their purchase. However, the EC developer is confident there will still be a good demand for ECs. Mr Donald Ng, Senior Marketing Manager at Qingjian Realty said, “We will go through a slower process, because of all these financial regulations in place. There is a drop, but between an EC and a condo, there is still a difference.
“For condos – most of the prices are starting above S$1,000 per square foot (psf). And for ECs, it’s hovering on average at about S$780 to S$800 psf, so for the EC buyers, there is still about a 20 per cent difference in terms of price per square foot.”
