CNA : HDB launches two executive condo sites for sale at Sengkang and Yishun

HDB launches two executive condo sites for sale at Sengkang and Yishun
By Jonathan Peeris, 938LIVE | Posted: 14 January 2010 1908 hrs

SINGAPORE: The Housing and Development Board (HDB) will launch two Executive Condominium (EC) sites for sale on January 15.

The sites, located in Sengkang and Yishun, will yield a total of about 900 units. Each site has a lease term of 99 years.

The plot of land at Sengkang is located near to Buangkok MRT station with a land area of 19,000 square metres and a maximum permissible gross floor area of 57,000 square metres.

Over in Yishun, the site is about 15,000 square metres and has a maximum gross floor area of some 42,000 square metres.

HDB said the tender of the sites will close in March.

Executive Director of CBRE Research Li Hiaw Ho said the government's decision to bring back executive condominiums is likely due to the strong demand for mass market private condominiums last year.

CBRE said the 13,500 new HDB flats that were also sold in 2009 proved that there is a strong demand for housing by first-time homebuyers.

ECs are an additional housing choice for first-timer home-buyers as well as the sandwich class - young couples and professionals whose monthly household income is less than S$10,000.

The last EC launched was La Casa in May 2005 at around S$550 per square foot and was completed in early-2008.

CBRE said the Sengkang site should fetch a land price of between S$250 and S$300 per square foot per plot ratio and an average selling price of S$600 per square foot.

CBRE estimates the site at Yishun Avenue 1 will fetch between S$150 and S$200 per square foot per plot ratio and an average selling price of S$500 per square foot. - CNA/vm