Here’s why the site is one to watch. Photo: Google
The Housing and Development Board has awarded the tender for an executive condominium (EC) site at Fernvale Lane to Frasers Property, or FCL Lodge Pte Ltd, after it submitted the highest bid of $286.5 million.
Launched for sale on 30 December 2019, the 99-year leasehold site has an area of 17,129.9 sq m and a maximum gross floor area of 47,964 sq m and can yield up to 480 housing units.
The tender for the EC site closed on 3 March, with seven bids received.
While the site sits in the Outside Central Region in District 28, it is within walking distance to several amenities, including Greenwich V shopping centre as well as Seletar Mall. It is also close to low-density developments and greenery, while the median price per square foot in D28 has also risen by 28% in the past three years.
Meanwhile, despite the implications of the COVID-19 virus, Tricia Song, Head of Research for Singapore at Colliers International believes developers’ confidence may have been “boosted by the recent stellar performance” at EC projects such as OLA Residences in nearby Anchorvale, which received 1,163 e-applications or over two times than the 548 units offered, as well as the 496-unit Parc Canberra EC, which saw 64% or 316 units snapped up at an average price of $1,085 psf during its February launch.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email email@example.com