Anchorvale Lane EC siteA 99-year leasehold Executive Condominium (EC) site in Sengkang along Anchorvale Lane has drawn strong interest with 16 bids submitted from developers, tender exercise for the site ended last 23 August, according to the Housing and Development Board (HDB).

Sunway Developments and Hoi Hup Realty jointly submitted the $241 million top bid or $355 psf ppr for Anchorvale Lane EC site, followed by Wee Hur Development, which submitted $235 million or $346 psf ppr.

Since the Anchorvale Lane EC site is the last EC site that will come onto the market for this year, race to acquire land has become more intense, CBRE's Head of Research, Singapore & South East Asia, Desmond Sim said.

Sales of Executive Condominium (EC) in market has seen some traction over the past few months. Despite an unprecedented unsold stock quantity, the number of unsold units in EC segment has continuously down for the past 6 months since Q1 2016. The stock at the end of June has declined to 5,471 unsold units, from 6,520 units in first quarter of 2016. Interest of developers was also divided by the sales performance of Sim Liam Group's Treasure Crest EC.

Anchorvale Lane EC site was launched for sale under the confirmed list of Government Land Sales (GLS) Programme for the second half 2016 (2H2016) and expected to yield around 635 EC units.

 

Written by Siang Teck of Property Review. I can be contacted at [email protected]