Highest bid for Anchorvale Crescent EC site hit $318.89m

It defeated the next highest bid by just $899.

The Anchorvale Crescent Executive Condominium (EC) site which has been put up for tender in August has garnered seven bids as of closing, with the highest bid reaching $318.89m coming from a consortium by Evia Real Estate and Gamuda, the Housing and Development Board (HDB) revealed.

Considering that another tender for an EC site just closed 10 days earlier before Anchorvale Crescent’s tender, Huttons Asia head of research Sze Teck Lee believes that the site was received by strong bids.

“The strong bids underscore developer's confidence in the EC market and the robust underlying demand from potential buyers in this segment of the market amidst limited stock in the market,” Lee explained.

The other six bids ranged from $277.2m to $318.89m.

“Interestingly, the top bid barely edged out the second highest bidder by just $899 or 0.0003%, and the tight margin of just 15% between the top and last bidder showed the consensus of pricing among developers.

Song also noted that winning bidder Evia Real Estate is ‘no stranger’ to EC development, as some of its projects included Heron Bay EC and Lake Life.

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.