Two more exec condo sites up for tender
Bt Panjang, Tampines sites to yield 1,095 units; cautious response likely
By Harsha Jethnani
LAND parcels earmarked for two executive condominium (EC) projects have been launched by the Housing Board.
This follows keen interest in the first EC in five years, Esparina Residences near Buangkok MRT station, which was open for viewing last week.
ECs, the poshest type of public housing, include some condo-style facilities while HDB rules still apply.
The two 99-year leasehold sites are located at Tampines Avenue 8 and Segar Road in the Bukit Panjang area.
The 20,600 sq m Tampines site, near the Bedok Reservoir area, could yield 525 units while the second 20,834 sq m site, next to Segar LRT station, can yield 570 units, HDB said in a statement yesterday.
The tender for the Tampines site will close at noon on Nov 23 while the Segar Road tender will close on Dec 2. Both are under the Government land sale's confirmed list for the second half of this year.
To continue meeting the strong demand for private housing, HDB also said that the Urban Redevelopment Authority will be releasing another two sites for residential development - at Punggol Central and Seletar Road - this month.
Last week, when Esparina Residences went on sale, more than 300 buyers visited the showflat, with 220 registering interest in an upcoming ballot to book a preferred unit in the 573-unit development.
Developers, however, seem to be more cautious and selective in choosing sites.
Colliers International's director for research and advisory, Ms Tay Huey Ying, expects the response to the latest EC sites to be 'lukewarm'.
'We've already seen developers' interest in residential developments simmering down from the last few tender exercises,' Ms Tay told The Straits Times.
Last month, the tender for a site in Punggol drew just four bids, with the highest bid of $136.2 million among the lowest of top bids for such sites this year.
Last week, a condominium plot in Pasir Ris also drew just four bids and relatively modest offers.
Mr Ong Teck Hui, Credo Real Estate's executive director of research and consultancy, said: 'The trend of subdued cautious bidding is likely to continue.'
Mr Nicholas Mak, executive director of SLP International Property Consultants, said developers are aware that more land sites are oncoming, 'so they are getting more and more choosy'.
harshamj@sph.com.sg
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