‘Ulu’ site reaps profits

‘Ulu’ site reaps profits

THEY thought it was a bad decision when they first moved into their units at La Casa five years ago. It was so "ulu" (rural), said residents.

Accessibility by public transport is an issue - there is only one bus that would take them to the Woodlands MRT and bus interchange.

When the five-year minimum occupation period was over, they didn't think that anyone would be interested to buy their executive condominium (EC).

A new EC, Twin Fountains, was launched next to theirs in April for $660 to $790 psf.

But two of ERA property agent Jas Ng's clients were shocked when they realised how much their units could be sold for.

Lucky

Civil servant Y. J. Tan said: "I consider myself lucky. Why would people want to buy my EC when there are two plots of land in Woodlands with new ECs available?"

The other project is Forestville, at Woodlands Avenue 5.

Mr Tan, 32, sold his two-bedroom unit for $858,000 in April, more than double the price that he bought it for in 2005.

Another seller, Mrs S .Y. Koh, 33, said: "I always knew that ECs can fetch a good price, but this is Woodlands."

She bought her three bedroom and one study unit for $395 psf in 2005 and sold it for $822 psf in May.

"It takes almost 1½ hours to get to town. If you take a cab, it would cost about $35," said the bank officer, who works in Raffles Place.

Both owners, who bought the EC under the fiancee scheme and received a subsidy of $30,000, were attracted to La Casa at that time because they thought it would be the last EC in Singapore.

"I wanted the prestige of staying at a condominium, but at a lower price," said Mr Tan, who will be living with his parents till he finds a new apartment.

Mrs Koh, who has a six-month-old child, said that buying La Casa was a "super good choice." Her family will be moving to a condominium in Bartley, which they bought for $1.56 million.


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