The tender for an executive condominium (EC) site at Yio Chu Kang Road closed on Thursday (18 Feb), after attracting 10 bids, according to the Housing and Development Board (HDB).
Launched for sale on 29 December 2015 under the confirmed list of the second half 2015 Government Land Sales (GLS) Programme, the approximately 198,302 sq ft site has a maximum gross floor area (GFA) of about 555,267 sq ft.
Property developer Hoi Hup Realty submitted the top bid of $183.8 million, which translates to about $331 psf on the GFA. Offered on a 99-year lease, the site is expected to yield around 520 EC units.
Desmond Sim, CBRE Research Head, Singapore and South East Asia, said: “It has been some time since an EC plot has been put up for sale in the Hougang and Yio Chu Kang area in the north-eastern part of Singapore. The site is located in a mature residential estate and is relatively close to the city. These attributes probably account for the high rate of participation and the competitive bids garnered for the plot.
“Its close proximity to Rosyth School gives developers further confidence that demand might stem from young couples planning to enrol their children in the school. These factors will contribute to the selling points of the future project.”
Other nearby amenities include the Hougang 1 shopping mall, Hougang Sports Centre and Nanyang Polytechnic. The area is served by the Hougang, Buangkok and Kovan MRT stations.
The HDB said a decision on the award of the tender will be announced at a later date after the bids have been evaluated.
Picture Source: Map of the Yio Chu Kang Road residential site. Source: HDB
Source copied: http://www.propertyguru.com.sg/property-management-news/2016/2/117803/yio-chu-kang-site-draws-10-bids