HDB releases new EC, private housing sites

HDB yesterday released two residential sites – one for an executive condominium (EC) at Pasir Ris and the other for private housing at Sengkang.

The EC parcel, which is at the junction of Pasir Ris Drive 1 and Elias Road, can yield 320 flats. It is being launched under the government’s Confirmed List.

The Sengkang plot is available for application for sale under the Reserve List of the government’s land sales programme. Some 485 homes can be built on the plot at the junction of Sengkang Square and Compassvale Road.

The tender for the Pasir Ris site, which will close on Oct 21, is expected to draw subdued bidding.

Analysts said that the highest bid could be in the range of $300-$400 per square foot per plot ratio (psf ppr).

‘Bids will be price sensitive by virtue of the new anti-speculation measures announced by the government (on Aug 30),’ said Cushman & Wakefield managing director Donald Han. ‘Developers will want to make sure that if property prices adjust in the next 3-6 months, they will have some room to play around with the pricing and still make their margins.’

He added that the case of zero bids seen for the tender for an EC site in Jurong West in mid-August is unlikely to be repeated. Observers attributed the lack of interest in that site to its remoteness and suggested that developers had become more selective.

This plot – which is next to fully sold private condominium Livia – is much more attractively located, Mr Han added.

Eugene Lim, associate director of ERA Asia-Pacific, said that EC and DBSS project tenders will take centrestage following last week’s announcements that more options will be offered to the sandwiched class.

Developers bidding for the Pasir Ris site could price flats at $750,000-$850,000 each or at an average of around $700 psf, he said.

At Whitewater EC in Pasir Ris, recent transactions ranged from $656 psf to $669 psf. Whitewater marked its fifth year of completion this year, which means that owners can now sell their units to other Singaporeans and permanent residents under HDB rules.

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