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SG Anchorvale EC site draws $245m top bid

Property Here - Friday, May 31, 2013

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By Romesh Navaratnarajah:

An executive condominium (EC) site at Anchorvale Crescent (pictured) attracted healthy interest with six bidders when the tender closed yesterday, said the Housing and Development Board.

Launched for sale on April 15, the land parcel has an area of 247,570 sq ft and a maximum gross floor area (GFA) of 742, 709 sq ft. With a plot ratio of 3.0, the 99-year leasehold site could yield 690 units.

Qingjian Realty (South Pacific) Group submitted the highest bid of S$245.6 million followed by Bellevue Properties with S$238 million.

Chia Siew Chuin, Director of Research & Advisory at Colliers International, said the top bid by Qingjian Realty translates to S$331 psf ppr, which is 3.2 percent and 4.4 percent higher than the next two bids. It is also 11.5 percent higher than the selling price of a neighbouring EC site at Sengkang West Way/Fernvale Link last November.

“The healthy participation rate, as well as the robust competition among the top bids, signifies that developers are still upbeat towards the EC market,” noted Chia.

She also expects residents who have lived in their HDB flats for five years to show keen interest for the upcoming EC, given the more affordable prices in the area compared to nearby Punggol. The project is also expected to be a hit among professionals working in the vicinity.

“At a land price of S$331 psf ppr, the estimated break-even cost could range from S$630 to $680 psf. When units at this project are ready for launch, the selling price could start from S$750 psf.”




Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@allproperty.com.sg