99-year leasehold site at Anchorvale Crescent Activated for sale

A site at Anchorvale which happens to be an executive Condominium (EC) has been activated for sale through public tender. This followed the investment made by a developer to the tune of $255 million in bid. This information was made available to the public on Wednesday, 25th July by the Housing and Development Board (HDB)

Previously made available on the replacement list of the first part of 2018 Government Land Sales (GLS) plan on June 28th, the site which has a 99-year lease occupies an area of 17,137 square meters and an accepted gross floor area of 51,411square metres. In addition, its gross plot ratio is 3.0 and when redeveloped, it has a capacity to accommodate 550 units of housing.

“As the minimum price committed by the developer is acceptable to the government, the site will be released for sale by public tender,” said HDB.

HDB noted that the site will be launched for public tender in about three weeks, while the tender period will last for about five weeks.

HDB disclosed that: “since the minimum sum invested by the developer has been accepted by the government, the land will be made available for sale through public tender

“The activated costs of $461 psf per plot ratio (psf ppr) say a lot about the confidence of the developer in the executive condominium (EC) market,” affirmed Lee Sze Teck, the research head of Huttons Asia.

He disclosed that at June of 2018, only 45 units of executive condominiums have not been sold.

“Normally, Executive Condominiums are totally sold before they got their TOP. Therefore the risks posed to developers are regarded to be relatively lesser”. He concluded.

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