A unit of listed property group City Developments has placed the top bid for a 99-year leasehold executive condominium (EC) site at Sengkang West Way/Fernvale Link.
The top bid of $135 million works out to $296.48 per square foot per plot ratio (psf ppr). The lowest bid, from FCL Place, was $120.668 million ($265.01 psf ppr). The tender drew six bids.
The 1.41-hectare site has a 3.0 plot ratio (ratio of maximum permissible gross floor area to land area) and can yield about 420 apartments.
ECs are a public-private housing hybrid with initial buyer eligibility and resale restrictions which are lifted 10 years after the completion of an EC project.
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