News: HDB announces EC GLS for sale in Yishun, the first in over six years

May 4, 2020

The Housing and Development Board (HDB) on 30 April launched an executive condominium (EC) site at Yishun Avenue 9 for sale by public tender.

With an area of 21,514.0 sq m, the confirmed list site has a maximum permissible gross floor area of 60,240.0 sq m and maximum building height of 56 m above mean sea level.

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HDB expects the 99-year leasehold site to potentially yield around 600 housing units.

“To provide developers with additional time to make their assessment in view of the current COVID-19 situation, we will offer a longer tender period of six months,” it said. As such, the tender for the residential site will close on 29 October.

JLL Senior Director of Research and Consultancy Ong Teck Hui believes that there will be demand from buyers given that it has been six years when an EC was sold within the area, with the Signature At Yishun site sold in May 2014.

However, he expects developers to be cautious with their bids due to the virus outbreak.

“The HDB has allowed a long lag time of six months before the tender closes. If COVID-19 is well contained by then, the tender response could be more favourable, although we can expect bidders to be cautious.”

Ong expects the site to attract two to five bidders, with the top bid ranging from $470 per sq ft per plot ratio (psf ppf) to $520 psf ppr, reported CNA.

“However, if COVID-19 is still not contained by tender closing with the economy deteriorating sharply, we can expect a minimal number of bidders and tender bids are likely to be below expectations,” he added.

 

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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg

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