{"id":6948,"date":"2016-09-04T08:31:04","date_gmt":"2016-09-04T00:31:04","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=6948"},"modified":"2022-07-01T04:03:34","modified_gmt":"2022-06-30T20:03:34","slug":"sengkang-executive-condo-hotspot","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/sengkang-executive-condo-hotspot\/","title":{"rendered":"Why is Sengkang is fast becoming a Executive Condo hotspot"},"content":{"rendered":"
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\"Sengkang
Sengkang has curiously attracted the attention of many EC developers<\/figcaption><\/figure>\n

The month has been full of surprises, none more so than the developer land sale at Anchorvale Lane in Sengkang. It was expected to draw limited interest, given the depressed market and huge supply of ECs. Instead, it drew 16 bids, with a top bid of $241 million. What craziness is this? <\/span><\/p>\n

The Anchorvale Land Plot<\/b><\/h3>\n

In June this year, Anchorvale Lane – a 226,199 square foot plot in Sengkang- was put up for sale. The plot is for Executive Condominium (EC) development, and is large enough for around 635 units. The site overlooks the banks of the Sungei-Punggol river, and is close to Anchor Green Primary School. Transport wise, it’s close to Tongkang LRT station, and about 30 minutes to the city centre.<\/p>\n

The plot was expected to draw only modest attention from developers. <\/span>Bellewaters<\/span><\/a>, <\/span>The Vales<\/span><\/a>, and <\/span>Treasure Crest<\/span><\/a> are all ECs located nearby. There are 296 unsold units between these ECs, which suggests an uncomfortably high level of supply.<\/span><\/p>\n

There were also around 5,471 unsold EC units in Singapore at the end of June. Such conditions make developers wary of buying more land, as it could be a challenge for them to close sales at sufficient prices.<\/p>\n

The Anchorvale Lane plot is quite sizeable, and 635 units is a lot to sell.<\/p>\n

Still, there was high demand for the land plot<\/b><\/h3>\n

16 bids were made for the plot, with Hoi Hup Realty and Sunway Developments jointly topping the list. The winning bid was around $241 million, which works out to over $355 per square foot. In an interview with TODAY, Mr. Nicholas Mak, Head of Research and Consultancy at SLP International Property Consultants, estimated that their development would have to sell at around $820 per square foot.<\/p>\n

An ambitious figure, given that the nearby <\/span>Bellewaters<\/span><\/a> has sold at an average of $720.40 per square foot.<\/span> The Vale<\/span><\/a>, also located nearby, averages around $802 per square foot.<\/span> Clearly, the property developers who submitted their bid know something the rest of us don’t.<\/span><\/p>\n

What about Sengkang could possibly interest the developers so much?<\/b><\/h3>\n

We can make some calculated guesses:<\/p>\n