SINGAPORE: The Housing and Development Board (HDB) launched a tender for an executive condominium site at Bukit Batok West Avenue 5 on Tuesday (June 28).
The site, which has the potential to produce around 495 residential units, has been put up for sale by public tender under the confirmed listing of the government’s Land Sale Scheme (GLS) for the first half of this year, it said. said HDB in a press release.
The area measures 16,623.7 m² and has a lease term of 99 years.
The tender will close at noon on September 13, 2022.
It will be consolidated with two other Urban Redevelopment Authority (URA) residential sites in Lentor Central and Lentor Hills, HDB said.
Ms. Christine Sun, senior vice president of research and analytics at OrangeTee & Tie, said the land is nestled in a new built-up area where many new apartments and amenities are expected to be completed.
She noted that the site is located next to Bukit Batok West Avenue 8 land which sold in March this year for a record bid of S$662 per square foot per land report, attracting nine bids.
Although the previous site is launching at least 6 months before the current site and will have first mover advantage, she added that demand will still be healthy for this site due to a lack of supply in the region.
“More apartments are expected to reach MOP (minimum occupancy period) in the surrounding area and there will be more valuers looking for EC in the area,” Ms. Sun added.
Mr. Lee Sze Teck, Senior Director of Research at Huttons’ Asia, said: “There are approximately 8,000 owners of 3+ bedroom apartments who will fulfill the 5-year MOP from 2022 to 2024 who can choose to switch to an EC.”
He added that buyers of executive condominiums have the advantage of not being subject to chilling measures, wealth taxes and can opt for a deferred payment scheme.
“The neighborhood offers many amenities such as supermarkets and food outlets in Le Quest shopping center retail space and upcoming amenities in the new Tengah estate. It is a five-minute drive from the PIE,” Mr. Lee said.
Developers can be aware of potential supply in the area and hedge against risk, he said, adding that estimated supply for the EC site is between S$640 and S$680 per square foot. per plot report with up to 8 bidders.
Potential bidders can address their inquiries to HDB by e-mail.