A show of strength against an uncertain outlook

THE executive condominium segment is proving to be a bright spot for developers, in a housing market turned quiet after several rounds of cooling measures. A plot of land for an EC project in Tengah went to a Hoi Hup-Sunway joint venture, at a winning bid that was higher than expected. 

The S$703 per square foot per plot ratio land rate paid marked a new high for EC land. Nine bidders had piled in for the tender, in a strong show of confidence in the EC market. Recent project launches have sold well and fast as new sales in other segments falter. 

Two land tenders close today for sites that will be mass market condo projects, in Lentor Hills and Woodlands. The Lentor Close site will be the sixth parcel to be sold in the Lentor Hills area since July 2021. A GuocoLand and Hong Leong tie-up was the sole bidder for the last Lentor area plot when the tender closed in April. Not only were they the only developers bidding, their offer of S$985 psf ppr was the lowest land rate fetched for the five parcels tendered so far.