EC supply crunch powers Punggol site to record price

Singapore

THE under-supply in the executive condominium (EC) market is so acute that all 17 bidders at a state tender for a site in Punggol have placed bids that are higher than the record for EC land set in July 2013, at the previous peak of the residential market.

The top bid for the Sumang Walk site at Tuesday's tender closing, from a joint venture between wholly-owned subsidiaries of City Developments Ltd (CDL) and TID, was S$583 per square foot per plot ratio (psf ppr).

This wa…