The tender draws 11 bids, the highest being about $315 per sq ft per plot ratio
SINGAPORE) A 99-year-leasehold executive condominium (EC) housing site near Buangkok MRT Station has fetched the highest ever bid for an EC site.
The top bid from a partnership between Frasers Centrepoint and Lum Chang Building Contractors of $193.28 million or about $315 per square foot per plot ratio (psf ppr) surpassed the previous record of $220 psf ppr for the Summerdale EC site in Boon Lay in May 1997, noted property consultant CB Richard Ellis (CBRE).
Yesterday's tender drew a total of 11 bids, reflecting developers' continuing hunger for land. The top bid came in slightly above market expectations in January, when the Housing & Development Board (HDB) launched the site. ECs are a hybrid of private and public housing.
CBRE executive director Li Hiaw Ho reckons Frasers Centrepoint and Lum Chang could sell their units in the $650-$680 psf range on average. Based on that, a 1,200-sq-ft unit in the new development would be priced at about $800,000.
In the secondary market, three EC projects in the north-east region - The Rivervale, Florida and Park Green - have sold at $520-$600 psf between October 2009 and February 2010, said CBRE.