A JV between real-estate developers Koh Brothers Group and Heeton Holdings has clinched the mandate to develop an EC site in Westwood Ave in Jurong West. Specifics about the shareholdings in the joint venture have yet to be firmed up, BT understands. The development plan is for 480 two to five-bedroom residential units, to be completed in 2018. Koh Brothers’ MD and CEO Francis Koh said: “We are very pleased to have won this highly contested tender, given its attractive location and the ongoing transformation of the Jurong vicinity. There is also a limited supply of EC developments in western Singapore, in comparison to other parts of Singapore. Hence, we anticipate that the development will enjoy strong interest from buyers, particularly from public housing upgraders and first-time owner-occupiers.” The Westwood project will be the first in recent times in which second-timers or HDB upgraders will have to pay a resale levy of up to $50,000 to HDB. Buyers will also be subjected to a recently-introduced MSR cap of 30 per cent that applies to direct EC purchases from developers.... Continue Reading