An executive condominium (EC) site along Anchorvale Lane in Sengkang has attracted strong interest from developers, with 16 bids submitted at the end of the tender exercise on Tuesday (23 August), said the Housing and Development Board (HDB).
Hoi Hup Realty and Sunway Developments jointly submitted the top bid of $241 million for the land parcel, or $355 psf per plot ratio (psf ppr), followed by a $235 million offer from Wee Hur Development, or $346 psf ppr.
“The race to acquire land has become more intense given that this is the last EC site that will come on the market for the rest of the year,” said Desmond Sim, Head, CBRE Research, Singapore and South East Asia.
“The EC sales market has seen some traction in the last few months. Despite an unprecedented number of unsold stock, the number of unsold EC units has steadily reduced for the last six months since the first quarter of 2016. The stock has dropped to 5,471 unsold units at the end of June, from 6,520 units in Q1 2016. Developers’ interest was also fanned by the recent sales performance of Treasure Crest.
“The 15-month time bar for ECs from award to launch gives developers another reason to remain confident that the unsold stock will reduce further by the time the development is ready for launch,” added Sim.
Launched for sale on 29 June under the confirmed list of the second half 2016 Government Land Sales (GLS) Programme, the 99-year leasehold site is expected to yield up to 635 units.
Located beside Punggol Reservoir, it is within proximity to the Tongkang LRT station and schools.
A decision on the award of the tender will be made after the bids have been evaluated, said the HDB.