Strong top bid of $382 psf ppr for Jurong EC site

[SINGAPORE] Despite last month's rule changes affecting the executive condo market, an EC site in Jurong West has drawn strong interest with 12 bids and a high top bid of $381.81 per square foot per plot ratio (psf ppr) from a Koh Brothers-Heeton Homes partnership.

This was near the top end of the range predicted by property consultants when the site was launched in late October. And the top bid was just 0.45 per cent from the next highest offer of $380.08 psf ppr by a joint venture between City Developments and TID.

Most market watchers declared the outcome as a reflection of developers' confidence that demand for ECs would remain strong. However, some pointed to a wider gap between the top and lowest bids at yesterday's tender compared with the previous EC land tender last July. This could mean a bigger divergence in developers' take on this public-private housing hybrid.