The competition was close for EC or Executive Condominium development which covers an area of more or less 184,464 sq ft located right around Anchorvale Crescent in the district of Sengkang. Surprisingly, it attracted seven bidders prior to the tender period closing which is set for September 14, Friday.
The Housing Board Development (HDB) revealed Gamuda and Evia Real Estate and the top bidders, having an offer of $318,888,889 equivalent to an area price of $576 psf for every plot ratio or psf ppr.
Next in rank is the competitive Qingjian Realty, the second highest offer of ($576 psf ppr) or $318,888,000.
” This must have been the most competitive bid rolled over between the top bidders on GLS area. Regardless of the fact where another tender of Executive Condo area recently closed, like 10 days ago. The said site received competitive bidding from developers, said Lee Sze Teck, the head of research team of Hutton Asia.
Tricia Song, the Colliers International head of research favoured, “The highest bidder hardly edged out over the second top bidder in a matter of 0.0003 percent or $899, and close margin of only 15 percent between the last bidder and the rank 1 bidder manifest the harmony of pricing within developers.”
Source: Housing Development Board
Tricia Song further added that the top bidders are a collaboration of famous Gamuda and the credible Evia Real Estate which having last partnership over Gem Residences. Evia Real Estate is not a neophyte in constructing the ECS because a decade already since the amazing Heron Bay, 2012 and 2013, the famous Lake Life was built.
Song emphasized that EC areas of Singapore remained attracting and a choice of property developers. As a matter of fact, the Canberra connected EC units tender closed last September 4 pulled nine bids having Sunway Developments and Hoi Hup Realty offering $558 psf ppr or $271 million.
In contrast, two luxurious private residential areas around Dairy Farm and Jalan Jurong Kechil used to captivate three to five bids near to tender this September after the launching of new development curbs last 2 months ago.
Based on the highest bid which is $576 psf ppr of Anchorvale Crescent area, Song gave her fearless forecast that Executive Condo (EC) to rise is expected for a breakeven price of more or less $900 to $950 psf ppr with an average $1,100 psf. selling price.