EC site in Yio Chu Kang, Hougang area fetches 10 bids

TEN bids have been received for an executive condo (EC) site along Yio Chu Kang Road near Rosyth School at a state tender which closed on Thursday.

The top bid, from Hoi Hup Realty, was S$183.80 million, which works out to about S$331 per square foot of potential gross floor area, or per square foot per plot ratio (psf ppr).

The second-highest bid, from Nanshan Group Singapore, was S$173.24 million (S$312 psf ppr).

The lowest bid, at S$254 psf ppr, came from a partnership between KH Capital and Amara Holdings unit TTH Development.

The tender for the 99-year leasehold site was conducted by the Housing & Development Board, acting as land sales agent for the state.

The 1.8-hectare site can generate about 520 units.

ECs are a public-private hybrid housing form with initial buyer eligibility and resale conditions that are completely lifted 10 years after an EC project has been completed.