Location map of the land parcel at Anchorvale Crescent. Source: HDB
An executive condominium (EC) site at Anchorvale Crescent has been triggered for sale by public tender, after a developer committed a minimum bid of $255 million, announced the Housing and Development Board (HDB) on Wednesday (25 July).
First made available on the reserve list of the first half 2018 Government Land Sales (GLS) programme on 28 June, the 99-year leasehold site has an area of 17,137 sq m and a permissible gross floor area of 51,411 sq m. It also has a gross plot ratio of 3.0 and could yield 550 housing units when redeveloped.
“As the minimum price committed by the developer is acceptable to the government, the site will be released for sale by public tender,” said HDB.
HDB noted that the site will be launched for public tender in about three weeks, while the tender period will last for about five weeks.
“The trigger price of $461 psf per plot ratio (psf ppr) speaks volumes of developers’ confidence in the EC market,” said Huttons Asia research head Lee Sze Teck.
He revealed that only 45 EC units remained unsold as at June 2018.
“Generally, ECs are fully sold before they obtained their TOP. Hence the risks to developers are seen as lower comparatively,” he said.