Lake Life first EC to beat 15-month sale-launch rule

RESIDENTIAL MARKET

Lake Life first EC to beat 15-month sale-launch rule

Lakelife

The Lake Life executive condominium (EC) in Jurong, which is to be launched for sale by e-applications on Oct 4, is set to become the first EC to beat the 15-month period stipulated by the government to launch units for sale.

According to a government ruling introduced last year, developers who acquired EC land parcels after Jan 12, 2013, can launch units for sale only after 15 months from the date of award of the sites or after the completion of foundation works, whichever is earlier.

For the consortium led by Evia Real Estate, the completion of foundation works came earlier, slightly over 14 months from the date of award of the site.

Vincent Ong, co-managing partner of Evia Real Estate, said the developers drew up the design and drawing plans even before tendering for the land, which allowed it to turn around the submission of its plans much faster.

“(We) also managed to complete their foundation works for Lake Life within eight months. The industry takes an average of nine to 12 months for foundation works to be completed.

“The sub-contractor we used, HSL Constructor, has its own proprietary piling techniques, allowing for the foundation works of Lake Life to be completed within a shorter time frame, and with a lot less noise.”

Each consortium partner also had to tender for the construction of the EC. It was not taken for granted that one of them would win the contract, Mr Ong said.

“Builders are tougher with builders. They know what is expected, and they are able to ‘countercheck’ the eventual builder we appointed: Wee Poh Construction, a subsidiary of Ho Lee Group. When builders know their industry competitors are involved in the project, they deliver top quality work. It is a pride thing. They want to impress their own industry competitors too.”

The Lake Life EC comprises two-bedders from 969 sq ft, three-bedders from 1,033 sq ft and four-bedders from 1,195 sq ft. Prices range from S$880 to S$890 per square foot.

Source: Business Times – 30 September 2014

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