Jalan Loyang besar EC site may attract bids up to $750 psf ppr

The tender for the site will close on 1 August.

Real estate experts expect the Jalan Loyang Besar EC site to attract five to eight bids ranging from $650 to $750 psf ppr.

The Housing & Development Board (HDB) launched the site for tender under the 1H24 Government Land Sales (GLS) programme. The tender will close on 1 August.

OrangeTee said the site may receive healthy demand from developers, given the pent-up demand for executive condominiums (ECs) in Pasir Ris.

"The last EC launch in Pasir Ris was Sea Horizon, launched more than ten years ago in 2013," OrangeTee underscored.

"Pent-up demand for ECs in the wider East Region may be strong as well, and supply will also remain relatively limited. Out of the nine EC land parcels that have been awarded across the island since 2020, only two parcels were in the East," OrangeTee added.

PropNex also expects the site to receive healthy demand from HDB upgraders from flat owners in the Pasir Ris and Tampines areas.

The more affordable pricing of ECs compared with new private condos is another demand driver for this public-private housing hybrid, said PropNex.

"With developers generally still cautious about the private residential market, we expect more interest to be directed to this EC plot. Typically, EC projects are seen as safer bets as they usually enjoy strong demand, and EC buyers – being first-timers or HDB upgraders – are less affected by cooling measures," PropNex said.