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Why does EC site attract healthy interest from developers?
21-04-2016, 11:58 AM.
Post: #1
Why does EC site attract healthy interest from developers?
SINGAPORE — An Executive Condominium (EC) site on Yio Chu Kang Road has attracted healthy interest from developers, with the highest of ten bids amounting to S$183.8 million, the Housing and Development Board (HDB) said at the close of tender today.

The 99-year leasehold site, released from the Confirmed List of the second half of the 2015 Government Land Sales programme, sits on 198,302 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 520 homes, the HDB said. Upcoming executive condo include The Visionaire EC , Treasure Crest EC, Northwave EC, Wandervale EC and Parc Life EC while existing ones include The Terrace EC, Brownstone EC, Waterwoods EC, Signature EC at Yishun, Skypark Residences, The Vales EC, The Criterion EC, Bellewaters EC, Bellewoods EC.

The top bid, coming from Hoi Hup Realty, translated to S$331.02 per sq ft per plot ratio.

Mr Eugene Lim, Key Executive Officer at ERA Realty, said: “Despite the high numbers of unsold EC units, we are still seeing heightened interest in the EC segment. The rather high level of competition for the site could be due to its ease of accessibility via driving and proximity to Rosyth School.”

“Also, the site being in an estate surrounded by HDB flats provides for a ready catchment pool for developers. The final development will likely be a family-oriented project, aimed at those with children.

Based on the highest bid, selling prices will possibly be around S$750 psf to S$800 psf,” he added.

Mr Nicholas Mak, head of research and consultancy at SLP International Property Consultants, noted that the top bid was 6.1 per cent higher than the second-highest bid, illustrating the aggressive bid by the developer.

He added: “The top bid is 18.2 per cent higher than the land price of the EC site at Anchorvale Crescent in the same Sengkang planning area, which closed in January 2015 at S$280 psfppr. As the subject site is nearer to amenities such as mall, hawker centre and reputable schools, the higher land premium is expected.”

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