TEN bids have been received for an executive condo (EC) site along Yio Chu Kang Road near Rosyth School at a state tender which closed on Thursday.
The top bid, from Hoi Hup Realty, was S$183.80 million, which works out to about S$331 per square foot of potential gross floor area, or per square foot per plot ratio (psf ppr). Upcoming executive condo include The Visionaire EC , Wandervale EC and Parc Life EC while existing ones include The Terrace EC, Brownstone EC, Waterwoods EC, Signature at Yishun, Skypark Residences, The Vales EC, The Criterion EC, Bellewaters EC, Bellewoods EC.
The second-highest bid, from Nanshan Group Singapore, was S$173.24 million (S$312 psf ppr).
The lowest bid, at S$254 psf ppr, came from a partnership between KH Capital and Amara Holdings unit TTH Development.
The tender for the 99-year leasehold site was conducted by the Housing & Development Board, acting as land sales agent for the state.
The 1.8-hectare site can generate about 520 units.
ECs are a public-private hybrid housing form with initial buyer eligibility and resale conditions that are completely lifted 10 years after an EC project has been completed.