A 99-YEAR leasehold executive condominium (EC) housing site along Woodlands Avenue 12 has garnered seven bids at a state tender that closed on Thursday. The top bid, from Hao Yuan Investment, was S$103.79 million or nearly S$278 per square foot per plot ratio (psf ppr). The second highest bidder, Allgreen Properties, offered S$99.98 million, which works out to nearly S$268 psf ppr.
The lowest bid, from KBD Ventures, was S$70.9 million.
The land parcel can be developed into an estimated 390 EC units. ECs are a public-private housing hybrid with initial buyer eligibility and resale restrictions which are completely lifted 10 years after the completion of an EC project.