View Full Version : New Record psf for EC land sales

bargain hunter
27-02-18, 16:27

27-02-18, 18:25

27-02-18, 18:34

The tender exercise for an executive condominium (EC) site at Sumang Walk in Punggol closed on Tuesday (27 Feb) after attracting 17 bids, said the Housing and Development Board (HDB).

The top bid of $509.37 million was jointly submitted by property developers City Developments Limited and TID Residential. This works out to about $583 psf on the gross floor area (GFA).

Qingjian Realty (Residential) was the second-highest bidder at $486 million, followed by a $450 million offer from Yanlord Singapore Residential and Soilbuild Group Holdings.

Launched for sale on 12 December 2017, the 291,233 sq ft site has a maximum GFA of 873,698 sq ft and a plot ratio of 3.0.

Offered on a 99-year lease, the site is expected to yield some 820 EC units.

Dr Lee Nai Jia, head of research at Edmund Tie & Co., said the site has several attractive attributes, including its proximity to Waterway Point and the upcoming Punggol Digital District.

“There will also be a substantial rental catchment when the Digital District is up and running. Additionally, there are not many competing EC developments in the market currently,” he said.

Based on the land rate, he expects the breakeven price to fall between $1,000 to $1,100 psf ppr.

“While the winning bid is considered high relative to past launch prices, the demand for the site is expected to be supported by buyers’ positive outlook of the area. Furthermore, with prices of new private homes trending upwards, the final selling price of the future EC development will be an attractive option for investment,” noted Lee.

A decision on the award of the tender will be made after the bids have been evaluated, said HDB.

bargain hunter
27-02-18, 21:04

City Developments partners TID Residential for record Punggol EC bid
TUE, FEB 27, 2018 - 5:59 PM
KALPANA [email protected]@KalpanaBT
A 99-year leasehold site in Sumang Walk in Punggol for executive condominium (EC) housing development has fetched 17 bids at a state tender that closed on Tuesday (Feb 27).

The top bid of S$509.37 million, which works out to S$583 per square foot per plot ratio (psf ppr), came from a joint venture between City Developments' fully owned subsidiary CDL Constellation and TID Residential.

TID Residential is a joint venture between Hong Leong Holdings and Mitsui Fudosan Co.

The unit land rate is a new record for EC land.

The second highest bid of S$486.0 million - or S$556.26 psf ppr - came from Qingjiang Realty (Residential); followed by a tie-up between Yanlord Singapore Residential and Soilbuild Group Holdings, which offered S$450 million for the site. Hoi Hup Realty teamed up with Sunway Developments for a S$446.6 million bid.

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Sing Development, FEC Properties and Changi Properties joined forces, placing a bid of S$431.69 million.

Evia Real Estate (8) teamed up with Gamuda (Singapore) for a S$426.37 million bid.

Also taking part in the tender was MCC Land (Singapore), which bid S$413.7 million.

The lowest bid, from Ho Bee Land unit HB Lombard, was S$373.81 million, which works out to S$427.85 psf ppr.

The tender was conducted by the Housing & Development Board, acting as land sales agent for the state.

A maximum of 820 residential units has been stipulated for the EC project on the Sumang Walk site.

The 2.7 ha land parcel is adjacent to My Waterway @ Punggol.

ECs are a public-private hybrid form of housing with initial buyer eligibility and resale conditions that are lifted 10 years after an EC project has been completed.

The strong turnout at Tuesday's tender is a reflection of the market being starved for new EC sites for some time. The Sumang Walk site was the only EC plot that was offered for sale in the Government Land Sales (GLS) Programme for the whole of last year.

For the first-half 2018 GLS Programme, three EC sites will be on offer: a plot in Canberra Link in the Sembawang area on the confirmed list, and two land parcels through the reserve list: one along Tampines Avenue 10 and the other along Anchorvale Crescent in the Sengkang area.