Canberra Link EC site's highest bid hits $271m

The other eight bids ranged from $201m to $258m.

The Canberra Link Executive Condominium (EC) site which has been put up for tender in June has garnered nine bids as of closing, with the highest bid reaching $271m coming from a consortium by Hoi Hup Realty and Sunway Developments, the Housing and Development Board (HDB) revealed.

Considering the nine bids, Knight Frank Singapore senior director and head of research Lee Nai Jia said that the site, which is near to the upcoming Canberra MRT station eyed for completion by December 2019, has received more interest compared to the last land parcel sold via public tender in October 2014, which only attracted 2 bids.

“Notwithstanding, the latest bid is validated by recent selling prices as at 2018,” Lee said. “The prices of surrounding developments, such as Parc Life and The Visionaire, were selling between $750 to $1,000 psf, depending on size, facing and storey level for the first eight months in 2018.”  

Meanwhile, Huttons Asia head of research Lee Sze Teck thinks that the EC market is ‘largely insulated’ from the cooling measures.

“The demand is strong for this market segment judging from the sellout success for Rivercove Residences,” he explained. “Also there is no more EC units in the market for buyers to choose.”

Because of this, he believes that there will be a buildup in demand until the next EC launch.