A 6-way tussle has ensued for an executive condominium (EC) site in Sengkang, indicating a continued strong interest in ECs.
City Developments’ (CDL) Verspring Properties topped the bidding for the 14,100 sqm site located at the junction of Sengkang West Way and Fernvale Link with a bid of $135 million. This works out to $296.50 per sq ft (psf) per plot ratio (ppr).
The bid was just slightly higher than JBE Development’s bid of $296.20 psf ppr, which works out to $134.9 million.
The other developers who bidded for this site included Chip Eng Seng unit CEL Property, Capital Development and ZACD Investments who came in with a joint bid, and Frasers Centrepoint Unit FCL Place, which incidentally had the lowest bid of $265 psf ppr or $120.7 million.
The top bid by CDL was similar to the one for another EC site on nearby Fernvale Lane, which was eventually sold to Peak Living for $296 psf ppr in April this year.
If awarded, this would be CDL’s sixth EC project. Previous projects include The Florida, Nuovo, Blossom Residences, The Esparis and The Rainforest. It would not be CDL’s first project in Sengkang, either. The developer has previously launched H2O Residences that is adjacent to Lavar LRT station.
The firm’s plans for this new site is a high-rise development with about 380 units. Residents of this future development will benefit from amenities like the upcoming Seletar Mall. With access to the nearby LRT station, the development is expected to be well received.
The break-even price of the property is likely to fall between $560 and $610psf, and the selling price should range from $670 to $720 psf.
Due to the popularity of ECs with HDB upgraders, at least 2 more EC projects are targeted to be launched by the end of this year.
One is CityLife @ Tampines. Located at Tampines Avenue 7, this 514-unit development features 2 to 5-bedroom apartments, and offers dual-key units, sky suites and penthouses. It is a joint project by Amara Holdings, Kay Lim Holdings, and SingXpress Land.