The Housing and Development Board (HDB) launched a residential site on Sumang Walk for sale by public tender, under the Confirmed List of the 2H2017 Government Land Sales (GLS) Programme, on Dec 12. The Executive Condominium (EC) site has a 291,235 sq ft area and a maximum GFA of 873,705 sq ft. It has a 99-year tenure. According to HDB, the site can yield about 820 units. The tender will close on Jan 30, 2018.

Nicholas Mak, executive director of ZACD Group, believes the site will be hotly contested. “It is the only EC site offered under the GLS [programme] for the whole of 2017,” he says. “There is also a looming shortage of EC units in the primary market over the next year to 18 months.” He expects the site to draw about 10 to 18 bids, and the top bid to range between $358 million to $385 million, which comes in at about $410 to $440 psf ppr. “But it would not be surprising if the top bid reaches $393 million, or $450 psf ppr,” he adds. “A bullish developer might even submit a bid surpassing that amount.”

The tender will close on Jan 30 2018.