- POSTED: 29 Aug 2014 22:12
- UPDATED: 29 Aug 2014 23:13
Bellewoods is the first Executive Condominium to be launched after the Government introduced a sale restriction rule in January last year.
SINGAPORE: 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."