In response to the executive condominium (EC) area in Canberra Link, it has been offered from nine bidders, and the emerging bidders of $271 million is Hoi Hup Realty and Sunway Developments.
It was launched for purchase on 28 June, where it consists of a 99-year lease with a plot of 18,040,6 square metres and a total floor site of 45,101.50 square metres.
JLL Singapore head of research and consultancy Tay Huey Ying mentioned that even though it has been attracting crowd, comparing it to the response for the last executive condominium at Sumang Walk, it was more overwhelming with 17 bids.
Indeed, the Canberra link has $558 per square feet per plot ratio for its top bid, which is 4.3% lower than that of Sumang Walk site that is $583 per square feet per plot ratio.
Tay further added on that there could be a possibility of the developers taking the supplementary five percent non-remittable ABSD that is necessary to be paid for into consideration. The payment is due after 5 July 2018 in their tender submission.
The previous executive condominium at the Sembawang region that was for sale through the public tender was in October 2014. There were only 2 offers submitted and the site was able to receive an average price of $353 per square feet per plot ratio. This was known through Knight Frank Singapore senior director and head of research Lee Nai Jia.
“The Executive Condominium market will go on with growing its interest,” mentioned by Desmond Sim, CBRE head of research for Singapore and Southeast Asia. He elaborates that “This is as this segment for the ‘sandwiched class’ remains limited in stock, with less than 20 units unsold in the pipeline as of Q2 2018.”
It is expected that the breakeven price for the new executive condominium at Canberra Link that will be ranging approximately between $950 per square feet and $1,000 per square feet.
Tay also mentioned lastly that this will result in it being priced higher than the previous project at Rivercove Residences, which is situated at Anchorvale Lane in this year April, and was eventually sold at a price of $976 per square feet.