SINGAPORE — The price of executive condominium (EC) land has hit a record high as developers bid aggressively in anticipation of strong demand for such hybrid public-private housing, casting doubt on the Government’s efforts to moderate bidding by having site tenders close at the same time.
For the first time, the tender for three EC sites closed on the same day yesterday, but the top bid for a site in Jurong translated to S$418.53 per sq ft per plot ratio, breaking the S$400 psf ppr barrier and the previous high of S$392.45 psf ppr more than two years ago. The other two tenders for sites in Punggol also attracted strong bids.
The 146,010 sq ft Punggol Central/Edgedale Plains site attracted eight bids, with Master Contract Services and Keong Hong Construction jointly putting in the highest bid of S$156 million. With a plot ratio of 3.0, that translates to S$356.14 psf ppr. The 259,031 sq ft Punggol Drive/Edgedale Plains site garnered six bids, with Peak Square submitting the top bid of S$312.8 million that works out to S$355.17 psf ppr based on a plot ratio of 3.4.
PUBLISHED: 4:02 AM, JULY 31, 2013 on Today