Nevertheless, property analysts noted that the maximum bid of S$229.4 million was bullish, indicating confidence by top bidder Qingjian Realty in the tender that closed yesterday.
It was well over the S$300-to-S$330 variety the analysts had anticipated.
Mr Nicholas Mak, executive director of SLP International Property Consultants, said: “I consider the most important reason behind the low contribution rate from developers in this property bid is the constant supply of new EC project starts from 2015 onwards.
“Excluding Bellewoods EC, which had started its e-application exercise last weekend as well as the subject website, there are four other start EC projects using a total of 2,230 units in the north area soon,” he noted.
Qingjian, a veteran EC developer, will assemble around 600 units of the hybrid vehicle houses on the 99-year leasehold website with a maximum gross floor region of 649,778 sqf. It’s going to be the sixth EC project of Qingjian.
We remain convinced of the constant demand in the EC market,” Qingjian’s general manager Li Jun said yesterday.
The developer had just started Bellewoods EC over the weekend. At the conclusion of Sunday, it received around 400 e-applications for the Woodlands project, which is the first new EC start after a hiatus of nearly annually.
The break was the result from a rule last year introduced which requires developers to establish EC units for sale only 15 months after ensuring the property or upon conclusion of foundation work. Expect new EC, like the Parc Life EC coming soon.