3 EC sites rolled out amid strong demand

PHOTO: 3 EC sites rolled out amid strong demand

Three more executive condominium sites have been rolled out by the Government amid expected strong demand for this popular housing option.

All three are on 99-year leaseholds and are expected to yield a combined 1,680 homes. Exec condos are a public-private housing hybrid.

Two of the sites are on the confirmed list, meaning they will definitely be put to tender. One is a 2.85ha plot in Canberra Drive and the other a 1.6ha land parcel in Anchorvale Crescent.

The third site, a 1.9ha plot in Choa Chu Kang Drive, is on the reserve list. This means it will go to tender only if a developer first commits to an offer acceptable to the Government.

A 2ha private residential plot in Upper Paya Lebar Road was also released on the confirmed list on Monday for private housing. It is on a 99-year leasehold and can yield 670 homes.

Consultants said they expect strong demand for the exec condo sites owing to the popularity of exec condos.

"Exec condo prices have been trending up, supported by firm demand. These fundamentals are likely to nudge exec condo land bids upwards," said Jones Lang Lasalle Singapore research director Ong Teck Hui.

The Canberra Drive site in Sembawang is expected to fetch top bids of $320 to $380 per sq ft (psf) per plot ratio (ppr) out of four to 10 bids. Knight Frank research head Alice Tan noted that the only other exec condo site in Sembawang is SkyPark Residences, which was sold to JBE Holdings at $324 psf ppr last December.

JBE on Monday said more than half of the 506 units at SkyPark Residences were sold at its launch over the past weekend, at an average price of $793 psf.

The top bid for the Anchorvale Crescent land parcel is expected to be between $330 and $400 psf ppr, with four to 10 bids.

The site in Choa Chu Kang Drive could draw top bids of $350 to $380 psf ppr, consultants said. R'ST Research director Ong Kah Seng said it could be triggered before July next year.

The Upper Paya Lebar Road site is expected to garner a top offer of $470 to $750 psf ppr, with five to 10 bids lodged. Its tender closes on Jan 14 next year.

The Canberra Drive site tender closes on Jan 28 and the Anchorvale Crescent tender on Feb 13.


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