Hoi Hup Clinches Anchorvale Lane EC Site Amongst 16 Bidders
The Anchorvale EC site was launched for sale on 29 Jun under the confirmed list of 2nd half 2016 Government Land Sales (GLS) programme. This land sale launch attracted a total of 16 bids. It could be because this is the last plot of EC site for the rest of this year in 2016.
Hoi Hup Realty and Sunway Developments submitted the highest bid for 99-year leasehold Anchorvale Lane executive condominium (EC) in Sengkang. The highest bid at $240.95 million works out to about $355 per square foot per plot ratio (psf ppr). This is the highest number of bids submitted since a previous tender for the Yuan Ching Road land parcel, known as Lake Life, in July 2013 which also drew a record of 16 bids. It was a phenomenal bid number that has not been seen for an EC site in 16 years.
The top bid for the Anchorvale EC site is only 2.47% higher than the second highest bid at $235 million or $346.30 psf ppr submitted by Wee Hur Development; and 5.83% higher than the third highest bid at $226.90 million or $334.37 psf ppr submitted by Robert Kuok’s Allgreen Properties. The lowest bid is 26.96% below Hoi Hup’s tender bid and was submitted by City Developments’ unit Bellevue Properties.
Judging from the large number of bids for this EC plot, it seems like developers are quite upbeat about the Singapore property market picking up when the development is launched end next year or early 2018. Perhaps the prospect of the Singapore private property market bottoming out soon as prices become stable or recover would also help the EC prices.
Tender results for Anchorvale EC:
|Name of bidder||Bid Price ($ million)||$ psf ppr|
|Hoi Hup Realty and Sunway Developments||240.95||355|
|Wee Hur Development||235||346.30|
|Sing Holdings and Maxdin||226.3||333.48|
|Kheng Leong Company and Singland Homes||225.1||331.71|
|Sim Lian Land||223||328.62|
|Qingjian Realty (Residential)||220.1||324.35|
|Treasure View and Raimon Land Devt||214.8||316.54|
|China Construction (South Pacific) Devt||212.4||313|
|Nanshan Group Singapore||208.33||307|
|Greatview Investment (Haojing Investment Group unit and Yu Zhisong)||200.78||295.88|
|Soilbuild Group Holdings||196.23||289.17|
|CEL Real Estate Devt||192.1||283.08|
|Development 88 (KSH Holdings unit)||184.59||272.02|
|TTH Development and KH Capital (Amara and Keong Hong Holdings units||183.9||271|
|Bellevue Properties (City Developments unit)||176||259.36|
One notes that there are still quite a number of unsold stocks for 3 EC projects in the Sengkang area namely Bellewaters, The Vales and Treasure Crest.
The Anchorvale EC project tendered at $355 psf ppr would mean that it has to be priced at over $820 psf ppr which is at levels above the 3 projects in the area.
However, there has been recent obvious signs of the EC market moving as stocks decreased from 6520 units in the first quarter of 2016 to 5417 unsold units as at end June 2016. Developers have become upbeat as Treasure Crest managed to sell 72% of its units at its launch last month (July 2016).
(Credits: BT 23.8.16 & ST 24.8.16)
Hoi Hup Awarded Anchorvale EC Site
It has been announced on Monday 5 September 2016 that the hotly contested 2.1 hectare Anchorvale EC site has been awarded to the highest bidder, Hoi Hup Realty and Sunway Developments. The site is situated next to the Punggol Reservoir and is close to the Tongkang LRT Staton and schools.
The Housing Development Board (HDB) said that the site is expected to yield 635 apartment units.