16 bids for Sengkang EC site at Anchorvale Lane near Punggol Reservoir

SINGAPORE — There was a huge turnout for the last executive condominium (EC) site on offer this year, with 16 developers casting bids for an Anchorvale Lane plot that could yield about 630 units forn the Housing and Development Board (HDB).

It was the highest number of bidders for an EC site since the tender for a Yuan Ching Road site, now Lake Life, in July 2013.

Hoi Hup Realty and Sunway Developments submitted the top bid of $240.95 million or $355 per sq ft per plot ratio (psf ppr). It was just 2.5 per cent above Wee Hur Development's bid of $235 million or $346.30 psf ppr.

The 99-year leasehold site, released from the Confirmed List of the second half of the 2016 Government Land Sales programme, sits on 226,199 sq ft of land. With a plot ratio of 2.8, the site has a maximum allowable gross floor area of about 555,246 sq ft and can yield an estimated 635 homes, the HDB said.

Mr Lionel Lee, chief executive of listed offshore support provider Ezra Holdings, and his brother, Adrian - non-executive director at upstream energy group Loyz Energy - are directors of Raimon Land.

Singaporeans Low Yuen Theng and Leong Suet Wah are behind Treasure View.

For Amenities on New EC in Anchorvale Lane, Please click below

The area has several ECs with unsold stock, including Bellewaters, The Vales and Treasure Crest, noted Mr Nicholas Mak, SLP International executive director and research head.

About 296 units are unsold across these three projects, about the same number of flats you would find in a small EC project, he said.

However, given the top bid of $355 psf ppr, the developer would probably have to sell at over $820 psf ppr, above levels at the other projects and "a rather aggressive price", Mr Mak added.

But despite an unprecedented quantity of unsold stock, the EC market has seen some traction in the last few months, said Mr Desmond Sim, CBRE research head for Singapore and South-east Asia.

The number of unsold EC units has been decreasing since the first quarter of this year.

The stock had dropped to 5,471 unsold units as at the end of June, from 6,520 units in the first quarter, he noted.

Developer interest was also fanned by the recent sales performance of the Treasure Crest EC in Anchorvale Crescent, which sold 72 per cent of units at its launch weekend last month, Mr Sim added.

Source: Straits Times 24th August 2016

PROPERTY LAUNCHES & INVESTMENTS

Property Launches & Investments

16 bids for Sengkang EC site at Anchorvale Lane near Punggol Reservoir

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