The lack of land allocated for executive condominiums has meant that the most recent release of an EC (executive condominium) site in Punggol was highly sought after. Record-breakingly so.
Aggressive bidding from developers for Sumang Walk plot
17 bids were made for the 2.7-hectare piece of land allocated for executive condominiums in Sumang Walk in Punggol. It is adjacent to My Waterway@Punggol, a good location which will attract young families in the future. It was the only EC plot offered under the Government Land Sales (GLS) programme for the whole of 2017.
All 17 bids surpassed the record price for EC land which was set by the Lake Life site in the Jurong Lake district in 2013. The highest bid of $509.37 million came from a joint venture between City Developments (CDL) and TID Residential.
The latter is owned by Hong Leong Holdings and Mitsui Fudosan Co. The $583 psf ppr is a record high. The last EC tender was in the neighbouring township of Sengkang, where the top bid for the Anchorvale Lane site came in at $355 psf ppr.
Punggol plot can potentially hold 820 new EC units
Executive condominiums are designed to be the bridge between public and private housing. The rise of private non-landed properties and the lack of EC land tenders over the past year and a half has resulted in pent-up demand from developers.
The EC site in Punggol can potentially hold 820 new EC units. And the developers are upbeat about the prospects as the plot is well-situated in a growing township that is very much coming into its own.
Under the URA master plan, the Punggol Digital District will bookend the North Coast Innovation Corridor. The site is also close to LRT and MRT stations and bus interchange. Its proximity to the My Waterway@Punggol also offers potential waterfront living and views.