Executive condos: a winning proposition?
Original owners of earlier EC projects sit on healthy profits, while tough luck at the BTO ballot may spur demand
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IT TOOK a then-record top bid of S$603 per square foot per plot ratio (psf ppr) for an executive condominium (EC) site in Tengah for the tie-up between City Developments and MCL Land to be awarded the site in early June.
The winning bid of S$400 million edged out the next highest bid by a hair's breadth, of just 0.03 per cent.
When the tender closed for the EC site in Tampines Street 62 last month, a new record price for EC land was set. A consortium comprising a Qingjian Realty and Octava Pte Ltd joint venture, and Santarli Realty clinched the site with the top bid of S$422 million or S$659 psf ppr, which was 1.4 per cent higher than the next highest bid.
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