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Koh Brothers and Heeton Homes

Westwood Residences
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PROJECT DETAILS/ AMENITIES

 
 

The Housing and Development Board (HDB) has sold a residential site as part of Government Land Sales (GLS) in January, first quarter of 2014. This land parcel at Westwood Avenue at the West Region of Singapore is listed under the confirmed list of sites and is allocated to be developed into an Executive Condo (EC) site, Westwood Residences. It has an area of 17,284.8 square metres. with a plot ratio of 2.8 and can home approximately 400 units.


The 186,044 square feet site received a overwhelming response of 12 bidders and is awarded to a consortium of Koh Brothers Group and Heeton Holdings, at a highest bid of $198.9 million or $382 psf ppr with an estimated break-even price of $650- $720 psf.


This land parcel is bounded by Westwood Avenue and the Pan Island Expressway (PIE). It is located next to Floravale and opposite of the new and upcoming The Woods and across the Cleantech Park and sites reserved for several future developments.

 
New and Upcoming Westwood Avenue EC is approximately 1.7 km away from Pioneer Train Station which runs the East West Line. The train services at Pioneer Station brings residents to Boon Lay MRT Station where the Boon Lay Bus Interchange is conveniently located. 4 MRT stations journey to Jurong East MRT Station and Bus Interchange, whereby residents can transit to the North South Line. Residents who drive, it will take approximately 17 minutes’ of driving to reach the Central Business District area. From Westwood Avenue to Orchard Shopping Belt, it will need 20 minutes’ of driving. Westwood Avenue is well connected to Jalan Bahar that links to the Pan Island Expressway (PIE) and the Kanji Expressway (KJE). These expressways provides its future residents with accessibility to island wide locations. Great Connectivity. 

The Jurong West Sports and Recreation Centre is a short drive where numerous indoor and outdoor sporting facilities can be found. The Jurong West Park and Jurong West Neighbourhood Park are also getaways for residents where serenity and pocket of greenery are being offered here.

 

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Project

 Westwood Avenue EC
Developer  Koh Brothers and Heeton Homes
Location  Westwood Avenue
District
Tenure 99 years lease from 
Site Area   186,053 sqft
GFA:  520,950 sqft
Plot Ratio  2.8
Expected TOP:
Total Units
Total Carpark  TBA
Development Executive Condominium comprising 
Unit Type:
Architect
Eligibility SC/ SC, SC/SPR
 

 Amenities Near New Westwood Avenue EC

Category Important Amenities Near New EC Approximate Distance
Train Stations Pioneer (EW28) 1.7km
Bus Stop Blk 762 (Bus: 181, 185)
Blk 861 (Bus: 181, 185)
0.4km
0.4km
Supermarkets Prime (Jurong West St 75)
Sheng Siong (Jurong West Avenue 5)
Giant (Pioneer Mall)
Fairprice (Boon Lay Shopping Centre)
0.5km
0.9km
1.2km
1.9km
Shopping Malls Gek Poh Shopping Centre
Pioneer Mall
Jurong Point
Boon Lay Shopping Centre
0.5km
1.2km
1.8km
1.9km
Education Institutions Preschool
Centre of New Life Kindergarten
PCF Hong Kah North Blk 750-749
PCF Hong Kah North Blk 276D
PCF Nanyang Blk 813
PCF Nanyang Blk 825
Elite Learning Kindergarten
Zulfa Kindergarten
PCF Boon Lay Blk 631
PCF Boon Lay Blk 262
PCF Pioneer Blk 642
0.5km
0.7km
0.8km
0.9km
0.9km
1.0km
1.2km
1.2km
1.5km
1.5km
Primary
Pioneer Primary School
Westwood Primary School
West Grove Primary School
Corporation Primary School
Xingnan Primary School
Jurong West Primary School
Frontier Primary School
Juying Primary School
0.6km
0.8km
1.0km
1.2km
1.6km
1.6km
1.9km
1.9km
Secondary
Westwood Secondary School
Pioneer Secondary School
Boon Lay Secondary School
Yuhua Secondary School
Juying Secondary School
0.5km
0.6km
1.3km
1.9km
2.0km
Junior College
Jurong Junior College 1.8km
Tertiary
Nanyang Technological University 1.5km
International
Canadian International School (Jurong West) 3.5km
Food Centre Boon Lay Place Market & Food Village 2.0km
Lifestyle Jurong West Park
Jurong West Neighbourhood Park
Jurong West Sports and Recreation Centre
0.9km
1.6km
1.7km

FACILITIES AND SITE PLAN

The Westwood Avenue EC Facilities and Site plan is currently under finalisation and seeking approval from relevant authorities. If you would like to be updated on first hand information for Westwood Avenue EC, such as the site plan, floor plans, time-line or would like to know more about progressive and deferred payment schemes, Please Register with Us

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JURONG REGION LINE

The Jurong Region Line  JRL will bring greater connectivity to areas such as Jurong West, Jurong Industrail District, West Coast, Choa Chu Kang and new developments in Tengah. The Jurong Region Line JRL will connect these areas to main activity nodes in Boon Lay, Jurong East and the future Jurong Gateway.

WESTWOOD LAND PARCEL ATTRACT OVERWHELMING RESPONSE

See why the Westwood Avenue land parcel attracted an "overwhelming" response

Strong participation rate of 12 bidders explained.

The first tender closing for an Executive Condominium (EC) site, after the introduction of new measures for EC developments, continued to draw overwhelming responses with 12 bids, with land parcel for Westwood Ave EC.

The measures, which are in effect after 10 December 2013, include a cap of the Mortgage Servicing Ratio (MSR) for housing loans granted by financial institutions for EC units bought directly from property developers at 30% of a borrower’s gross monthly income and the imposition of a resale levy for second-time applicants, according to Colliers International.

Colliers assessed that the highest bid at $198.9 million submitted for the site located on Westwood Avenue is bullish by market expectations. The top bid was by a consortium of Changi Properties Pte Ltd and Heeton Homes Pte Ltd, reflecting S$382 per sq ft per plot ratio (psf ppr), which is 0.5% and 10% above the second and third highest bids, respectively.

Ms Chia Siew Chuin, Director of Research & Advisory at Colliers International, explained that the strong participation rate, as well as the close competition among the top bids, signifies that developers still believe that the EC market is undersupplied, notwithstanding the recent change in the MSR policy.

Although the Government has imposed a maximum size guideline of 160 sq m for ECs, there is no restriction on how small these units could possibly be when developed. Given the bullish top bid of S$382 psf ppr, it would not be unreasonable to expect that the developer would include a significant proportion of smaller-than-average-family-size units in a new development on the subject site to improve the price affordability of the units.

Colliers International also noted that demand could come from eligible buyers who also work in the nearby Nanyang Technological University and the industries in the Jurong West/Tuas areas, as well as upgrader demand from the HDB estates in Jurong West.

At a land price of S$382 ppr psf, the estimated break-even cost for Westwood Ave EC could range from S$650-720 per sq ft. From July to December 2013, the median price of units selling at the adjacent The Floravale is S$724 per sq ft. Hence, when units at this project are ready for launch, the selling price could start from S$800 per sq ft, said Colliers International.

Source:  Singapore Business Review

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