New Sengkang EC
A new Executive Condominium site was released under the Government Land Sales Programme (GLS) by HDB as the sales agent on 29th June 2016. The tender was closed on the 23rd of August 2016 attracting an overwhelming response from 16 developers.
The land parcel is approximately 226,199 sq ft and estimated to yield about about 635 homes.
The EC site is within a short walking distance to Tongkang LRT Station. The Tongkang LRT station lies on the west loop of the Sengkang LRT Line and is only 2 short LRT stop away from Sengkang MRT station.
Among the 16 tenderers that submitted their interests in this land parcel, this site received its highest bid of $241 million by joint developers, Hoi Hup Realty and Sunway Developments. With a bidding price of $241 million or $355 psf per plot ratio (psf ppr), the joint venture partners emerged as the top bidder among their competitors which include renowned developers such s Allgreen Properties Limited, Kheng Leong Company (Pte Ltd), etc.
Depite softening of the housing market in Singapore and there are still unsold units among ECs in Singapore, the fact that this land parcel was the only EC site released for tender this year in 2016 could have led to the strong interest and fierce competition among developers.
To ensure a stable property market, the Ministry of National Development (MND) had also introduced a waiting period for developers since 2013. Developers are only allowed to launch the sales of any EC developments 15 months after the award of the tender. Hence, this upcoming executive condo will most likely be released for sale in late 2017 or early 2018. Judging from the limited EC sites released recently, many still believe that there will be a healthy demand for EC in the property market. With a bidded price of $355 psf per plot ratio (psf ppr), it is also speculated that this Anchorvale Lane EC will be selling at about $820 psf ppr.
The previous EC site that was released by HDB for sale was a land parcel along Yio Chu Kang Road (nearer to Hougang estate) in end of 2015. The tender was eventually awarded to Hoi Hup Realty as well at a top bidding price $331 psf per plot ratio (psf ppr) in February 2016.
We are the appointed marketing agency for the executive condo below, find out more by clicking on the link.
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