SINGAPORE – An executive condominium (EC) site in Sembawang Avenue drawn four bids on Thursday.
An appreciable supply of forthcoming EC units in the area might have led to the “low participation” in the tender, said market watchers who had expected moderate interest from developers when the site was rolled out on the confirmed list in May.
The tender attracted a top bid of $214 million from Frasers Centrepoint’s FCL Tampines Court and Keong Hong Construction’s KH Capital – which works out to $320 per sq ft (psf) per plot ratio (ppr) for the 238,848 sq ft plot.
This narrowly edged out the second-highest bid of $211 million, or $315 psf ppr, from City Developments’ Verwood Holdings and TID Residential.
The property tract is also next to the site of Skypark Residences, additionally an EC project, which brought a winning bid of $324 psf ppr in December 2012.
However, Mr Eugene Lim, crucial executive officer of ERA Realty, noted that ECs stay a popular option with Housing Board (HDB) upgraders, as well as the project is likely to collect interest from those living in nearby HDB flats.
Executive condominiums are sold with rules demanded by the HDB, but are constructed by private developers.