Sengkang EC site draws top bid of $135m from CDL
At least two more executive condominium launches are expected by year-end. -ST
SINGAPORE - An executive condominium (EC) site in Sengkang has attracted a top bid of $135 million in a six-way tussle as developers continue to show faith in EC popularity.
At least two more EC launches are expected by year-end.
City Developments' (CDL) Verspring Properties topped the table for the 14,100 sq m site at the junction of Sengkang West Way and Fernvale Link with a $296.50 per sq ft (psf) per plot ratio (ppr) bid.
It pipped JBE Development's $134.9 million bid - or $296.20 psf ppr - by just a whisker.
Other bidders include Chip Eng Seng unit CEL Property, a joint bid by Capital Development and ZACD Investments, and Frasers Centrepoint unit FCL Place, which lodged the lowest bid of $120.7 million, or $265 psf ppr.
Experts say the healthy level of interest in the site shows that developers are confident that demand for ECs will be robust.
Dennis Wee Group's senior manager of training, research and consultancy, Mr Lee Sze Teck, said the top bid is similar to that for an EC site on Fernvale Lane, which was sold to Peak Living for $296 psf ppr in April this year.
Home buyers will enjoy amenities such as the upcoming Seletar Mall by the time the EC development is completed, he noted.
Mr Lee expects the break-even price to fall between $560 and $610 psf, while the estimated selling price is likely to range from $670 to $720 psf.
A CDL spokesman said the firm is familiar with the Sengkang area, having launched H2O Residences next to Layar LRT station last year.
If awarded the site, it will build a high-rise development with an estimated 380 units.
"Given the popularity of ECs in Singapore and its convenient access to the nearby LRT station, we expect this development to be well received," he added.
This will be CDL's sixth EC project, after The Florida, Nuovo, The Esparis, Blossom Residences and The Rainforest.
At least two EC projects - one in Tampines Avenue 7 and another in Woodlands Avenue 5 - are expected to be launched by the end of the year as the segment continued to enjoy keen interest from Housing Board (HDB) upgraders.
CityLife @ Tampines will have 514 units and a range of two-, three-, four- and five-bedroom units.
It will offer dual-key units, sky suites and penthouses.
The development is jointly developed by Amara Holdings, Kay Lim Holdings and SingXpress Land.
Hao Yuan Investment's Forestville at the junction of Woodlands Avenue 5 and Woodlands Drive 16 is expected to have 653 units.
It will be the first EC to be launched in Woodlands after La Casa in 2005.
ECs combine elements of private and public housing, and often have premium furnishings and facilities.
But buyers are subject to HDB rules and monthly household income is capped at $12,000.
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