PROVISIONAL results for yesterday’s tender for an executive condominium (EC) site in the Sengkang area, like that for a Woodlands EC site which closed earlier this month, led property consultants to conclude that developers remain confident about prospects for this market segment.
This is despite measures introduced in January to rein in some of the exuberance in the sector and more recently, strong hints from the government that its housing subsidy of up to $30,000 for first-time buyers who pick up an EC unit from a developer, is in for a change. ECs are a public-private housing hybrid.
At yesterday’s tender closing, a 99-year EC site in Anchorvale Crescent drew a top bid of $330.65 per square foot per plot ratio (psf ppr) from Qingjian Realty (South Pacific) Group. This will be the group’s fifth EC project.
Earlier this month, it clinched the Woodlands EC site plot with a winning bid of $341.21 psf ppr. That tender attracted seven bids.