The Housing and Development Board (HDB) has revealed a result of 10 bids for the tender for an Executive Condo site at Yio Chu Kang upon closing on Thursday, 18th Feb.
The site measures approximately 198,302 sq ft and has a gross floor area (GFA) of around 555,267 sq ft. Yio Chu Kang EC is launched for sale on the 29th December 2015, and is included in the confirmed list of the Government Land Sales (GLS) Programme for the second half of 2015.
The top bid was from Hoi Hup Realty; the property developer submitted a bid of $183.8 million, translating roughly to around $331 psf for the GFA. The site yield is about 520 EC units and is offered on a 99-year lease.
CBRE Research Head for Singapore and Southeast Asia Desmond Sim remarked, “It has been awhile that an EC plot has been put up for sale especially in the Hougang and Yio Chu Kang area which is situated in the north-eastern part of Singapore.” This New EC is situated relatively close to the city in a mature residential estate. These factors have probably led to the high rate of participation as well as the competitive bidding for the plot.
“Given the close proximity to Rosyth School, this gives the developers further confidence that demand may comes from young couples whom are planning to enrol their children into the school. These factors will contribute to the selling points of the future project,” Sim added.
Another factor that makes the site attractive is its proximity to amenities such as the Hougang 1 shopping mall, Nanyang Polytechnic, and the Hougang Sports Centre. This area is being serviced by the Buangkok, Hougang, and Kovan MRT stations.
The HDB’s decision will be based on their evaluation on the bids, and the award of the tender will be announced at a later date.