$700,000 downpayment for EC unit in Jurong?

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Although we expect the number of EC units sold above $1 million to drop after the implementation of 30% Mortgage Servicing Ratio (MSR) on 14th Dec 2014, at least 207 units in Lake Life were sold above $1 million with a median sales price of $1,028,000. The highest transacted price so far for Lake Life, which is located beside the upcoming Jurong Lake District, has gone above $1.5 million at $914 psf for a 1,679 sq ft unit. Sold early February this year, this unit is by far the most expensive house sold from the development in terms of psf for units above 1,600 sq ft. With the maximum loan capped at around $800k based on an income ceiling of $12k and 3.5% interest rate, the estimated downpayment for this EC apartment is more than $700k.
Table 1: No. EC units sold above $1M from projects launched since 2013
Source: URA, The Edge Property

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