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Woodlands Executive Condo site nets five bids, highest bid reaches $150m

Executive Condo fans, watch out! Another EC should be coming your way in 8 or 9 months time. This one can be found in Woodlands Ave 6, close to Sembawang Air Base. The 99-year leasehold development was contested by 5 developers, but in the end, there was only one winner (or two) - Opal Star and Binjai Holdings with their top bid of $150.18m.

Running some calculations on our H88 abacus, the cost per square foot of each potential unit is around $302 psf ppr. We think that the potential selling price could be in the range of $750-800psf.

North of this development was another EC site, sold recently to Hao Yuan development in May this year for $247m or $318psf ppr. So the winners of this latest EC site got a better deal we must say.

La Casa, another EC development, had only one unit transacted recently for $745psf in September. So indications are there that the new ECs in those two sites should be going at a similar price range.

via HDB. Image:

Posted on 10-10-2012 18:38 | By John

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