Sengkang EC site draws land-hungry developers

Singapore

LAND-HUNGRY residential developers made a beeline for an executive condominium (EC) site in Anchorvale Lane, Sengkang, on Tuesday. The site drew 16 bids, a whopping turnout not seen for an EC site since July 2013.

The top bid of S$355.07 per square foot per plot ratio (psf ppr) from a Hoi Hup Realty-Sunway Developments tie-up exceeded all expectations and is the highest offer for an EC site since a Choa Chu Kang Drive plot (coming up as Wandervale) fetched S$361 psf ppr in September 2014.

ECs are a public-private housing hybrid form with initial buyer eligibility and resale restrictions that are lifted a decade after project completion.

JLL national director Ong Teck Hui said: "The top bidders seem to be counting on the current EC glut being steadily soaked up in the next 15 months, which will be the earliest when the top bidder, Hoi Hup, can launch the new project …