Twin VEW near Jurong Lake District sees 85% sales on opening weekend

Image credit: CSC Land Group

by Ravi Chandran May 7, 2018, 12:15 am 228 Views

CSC Land Group’s maiden residential development in Singapore, Twin VEW near Jurong Lake District, saw 85 per cent of its units being sold in the opening weekend. With 442 units out of a total of 520 units sold (including four penthouses), the average price of units sold was $1,399 per square feet (psf).

CSC Land Group said that the buyers were a mix of group of singles, young couples, families and multi-generational families. Of the 442 units sold, 83% were Singaporeans, 15% were permanent residents, and the rest were foreign purchasers.

Investors and homebuyers were buoyed by the potential of the Jurong Lake District. “We are very encouraged by the strong response this weekend,” says Li Xiao Qian, chairman of CSC Land Group. “All unit-types have been very well-received, demonstrating the diversity offered by Twin VEW. WE are confident that this momentum will continue.” The project located at West Coast Vale is expected to be completed by 2021.

The developers say that the construction of Twin VEW near Jurong Lake District was inspired by by rice terraces, cascading waters and river valleys and is an architectural scenograph, reflecting the lifestyle of riverside living.

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Twin VEW’s high-rise towers are north-south orientated, which would maximise residents’ views towards Pandan Reservoir and reduces the western sun exposure. The two towers boast spacious, 7-metre-high lobbies to offer optimum spaces for landscaping and recreational facilities, elevating even the first levels of residential units for enhanced views.

The development’s swimming pool, gymnasium, dining pavilions and the dining villas are all positioned towards the Pandan River. Lifting above 36 storeys, the sky terraces in the 2 towers are designed to offer Pandan Reservoir as the backdrop for parties or daily fitness. Residents can also enjoy over 100% landscaping with 63 facilities on the e-deck and sky terraces. Encased within the development are also 2 shop spaces and a childcare centre to cater to the needs of the residents.

The developers explain that the name project, Twin VEW, represents the two spectacular towers that offer residents stunning views in all directions, and that the “deliberate spelling of ‘VEW’ is derived from the three main elements of nature: Variety, Earth, and Water.”

“Inspired by Mother Nature, each living space is tailored for every stage of the residents’ life, thoughtfully crafted to enable them to live their life stories to the fullest,” it added.

Twin VEW is situated with Pandan Reservoir on one side and the West Coast sea on the other. Units which are located from the 6th floor onwards should get an unblocked view of the waterfront. Sited next to Sungei Pandan and Pandan Gardens Park Connector, it is a stone-throw away from the Jurong Lake District, which has been earmarked by the Government to be developed into the largest regional centre outside the Central Business District.

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Several reputable educational institutions, like the National University of Singapore and Nan Hua Primary School, are in close proximity to Twin VEW. When it comes to dining and shopping near home, residents will be spoilt for choice with a myriad of options from nearby shopping malls that include JEM, West Gate, JCube and BigBox. Accessibility-wise, Twin VEW near Jurong Lake District provides residents with effortless reach to many parts of Singapore, including Orchard Road and Harbourfront, through short commutes via the Ayer Rajah Expressway.

CSC Land is the property development arm of China Construction (South Pacific) Development, which purchased the riverfronting site along Pandan Reservoir in February last year for $291.99 million ($591 psf per plot ratio). The development, which is a pair of elegant glass towers perched atop an elevated terrain, is designed to be a tranquil sanctuary for quiet indulgences, where residents will be treated to a multi-sensorial rejuvenation from the various amenities including spa pools and luxurious pavilions.

1, 2, 3 and 4 bedrooms are available in this 99-year leasehold project, which is expected to be completed by Quarter 4 of 2021. Units are priced at between $1,200 – $1,300 psf. The price of one-bedroom units start from $650,000, two-bedroom units from $898,000, three-bedroom units from $1.18 million, and four-bedroom units from S$1.55 million. There are also six breathtaking penthouses in the mix.

Soaring above the tranquil residential enclave at the Twin VEW near Jurong Lake District, are two modern 36-storey towers accommodating 520 units. The development’s residential unit mix comprises one to four-bedders, ranging from 484 sq ft to 1518 sq ft.

On 27 April, the Urban Redevelopment Authority today announced that the prices of private residential units increased by 3.9 per cent in the 1st Quarter of 2018, compared with the 0.8 per cent increase in the previous quarter. It is the biggest increase in 8 years and private property prices are expected to increase further this year. This indicates a steady upward momentum in prices as caveats in the remainder of the quarter were captured, boosting the index.

The increase in the overall private residential price index was mainly due to a huge jump in the Outside Central Region (OCR) index for non-landed homes to 5.6 per cent in the final data. Strong pricing in new projects with high transaction volumes contributed to the sharper increase in the index. The index for non-landed homes in Core Central Region (CCR) rose 5.5 per cent.

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