EC land site at Anchorvale Crescent attracts 12 bids

A land site for an executive condominium (EC) development at Anchorvale Crescent has attracted 12 bids at the close of tender on Thursday.

According to the Housing and Development Board (HDB), Phoenix Real Estate submitted the highest bid of S$192.89 million, which is 1 per cent higher than the second top bid of S$191 million from MCL Land.

Phoenix Real Estate is a wholly-owned subsidiary of SGX Catalist-listed firm Sing Haiyi Group.

The top bid translates to S$366.91 per square foot per plot ratio (psf ppr).

Wee Hur Development submitted the lowest bid at S$139 million.

ERA’s Key Executive Officer Eugene Lim noted that the number of bids is similar to the one for the land site at Westwood Avenue in Jurong.

He said this shows that developers believe the EC market is robust, and it reflects developers’ confidence in the demand for homes in this market segment.

Other analysts said the keen interest for this site showed that developers are hungry for land sites to build their land bank.

Some 545 units are expected to be built on the 16,280 square metres site located in the HDB Sengkang estate.

SLP International Property Consultants’ Executive Director Nicholas Mak said that based on the bids submitted, the future launch price of this EC project could vary from S$810 per square foot (psf) to S$860 psf.

He added that the development will likely face direct competition from three other projects, namely Qingjian Realty’s EC at Anchorvale Crescent, and two other EC projects located at Edgedale Plains, whose tenders closed last year.

Source : Channel NewsAsia – 13 Feb 2014

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