Seven bids were received at the close of the tender for the executive condo (EC) site at Anchorvale Crescent in Sengkang, on Sept 14. The site was launched for tender by HDB on Aug 10.

The number of bids received was “marginally lower” than the GLS tender for the EC site at Canberra Link which attracted nine bids at the close of the tender on Sept 4. The top bids received, however, were still “considerably bullish given the current market sentiments”, says Nicholas Mak, ZACD Group executive director. “The marginally lower participation rates could be an indication that some developers are being cautious about land acquisitions and have retreated to the sidelines.” He adds.

However, there are still a small number of developers who need to replenish their landbank, notes Mak. These were still willing to pay “top dollar” to secure their preferred sites.

The top bid of $318.9 million ($576 psf ppr) came from Evia Real Estate and Gamuda Land, the property development arm of Malaysian listed engineering, property and infrastructure company, Gamuda Bhd. Their bid was just $899 above the second highest bid submitted by Hong Kong-listed Chinese developer, Qingjian Realty. “This is the closest margin in the history of government land sales,” says Mak.

Evia Real Estate and Gamuda Land are joint venture partners at the 578-unit GEM Residences in Toa Payoh. Launched two years ago, the project is almost fully sold with just three unsold units, based on caveats lodged with URA REALIS and downloaded on Sept 14.

Top three bidders:

Credit: HDB