Anchorvale Crescent to be tendered at $255m minimum

HDB accepted a developer’s application for the site at an “acceptable” amount.

HDB has accepted an application from a developer to put up the residential site at Anchorvale Crescent for sale by public tender at a minimum price of $255m or $461 psf ppr.

According to an announcement, HDB will launch the public tender for the executive condominium (EC) site in about three weeks. The tender period for the land parcel will be about five weeks.

The land parcel was first made available for sale on the Reserve List of the 1st Half 2018 Government Land Sales (GLS) Programme on 28 June 2018.

“HDB received an application from a developer for the site to be put up for public tender,” it said. “As the minimum price committed by the developer is acceptable to the government, the site will be released for sale by public tender.”

The site at Anchorvale Crescent has a site area of 17,137 sqm, a permissible gross floor area (GFA) of 51,411 sqm, and a gross plot ratio (GPR) of 3.0. It can be redeveloped to hold a maximum of 550 units.

Huttons Asia head of research Lee Sze Teck commented, “The trigger price of $461 psf ppr speaks volumes of developers’ confidence in the EC market.”

As of June 2018, only 45 EC units remained unsold. “Generally, ECs are fully sold before they obtained their TOP. Hence the risks to developers are seen as lower comparatively,” Lee added.