Business

Woodlands EC site goes to Hao Yuan Investment

Published: 4:12 AM, February 24, 2015

SINGAPORE — Local developer Hao Yuan Investment has won the tender for an Executive Condominium (EC) site in Woodlands Avenue 12 for S$103.8 million, or about S$278 per sq ft per plot ratio (psfppr), against a field of seven bidders.

The top bid by Hao Yuan for the 133,346 sq ft site is the lowest for EC land since July 2011, when a Punggol Way site was sold for S$270 psfppr, said property agency SLP’s executive director of research and consultancy Nicholas Mak. That site was later developed into Twin Waterfalls.

Property analysts say interest in hybrid public-private homes has been rather soft because of ongoing cooling measures and as supply outstrips demand.

A total of 184 ECs were sold in January, up slightly from the 176 units sold a month earlier, data from the Urban Redevelopment Authority (URA) showed earlier this month. But this also came as developers launched 415 units in January, up from the 53 units launched in the previous month.

The Woodlands site is the last of the three EC plots on the Confirmed List of the Government Land Sales (GLS) Programme for the second half of last year. The previous tenders for a site at the junction of Sembawang Road and Canberra Link, and another in Anchorvale Crescent received only two and three bids respectively.

The 99-year leasehold site has a plot ratio of 2.8 and can yield a maximum gross floor area of 373,370 sq ft or about 390 dwelling units, the Housing and Development Board said.

Analysts say the break-even price for the Woodlands EC project may come in at about S$620 psf, while the selling price may range between S$650 and S$700 psf.