Strong Bidding for EC Site at Anchorvale Crescent Underpinned by Favourable Fundamentals
According to Mr Ong Teck Hui, National Director, Research & Consultancy, the Executive Condominium (EC) site at Anchorvale Crescent with a permissible GFA of 51,411.9 sqm was launched for tender on 10 August 2018.
The tender closed recently, attracting seven bidders, with Evia Real Estate (8) Pte Ltd & Gamuda (Singapore) Pte Ltd putting in the top bid of $318,888,899 or $576.24 psf/pr
The top bid at $318,888,889 was only a hair breadth higher than the second highest bid at $318,888,000, reflecting the neck-to-neck tussle to secure the site. After tendering for the Sumang Walk and Canberra Link EC sites previously and failing to secure them, Evia Real Estate and Gamuda seems to have redoubled its efforts in today’s tender by bidding more robustly at $576.24 psf/pr. It is 3.2 percent higher than the top bid of $558.22 psf/pr for the Canberra Link EC site whose tender closed on 4 September, 2018.
The EC primary market remains a bright spot in the residential sector while the rest of the private home market has been cautious after the announcement of tightened cooling measures on 5 July. Supply in the EC sales pipeline remain limited, consisting of only the Sumang Walk and Canberra Link projects while demand from new EC buyers has been strong. The 628-unit Rivercove Residences which was launched in April is practically sold out at a median price of $973 ps.
