Fraser Centrepoint Homes, a veteran developer for the Singapore real estate scene has managed to secure the tender for the EC in Sembawang Avenue beside Skypark Residences. Sources quote that there are a total of 4 bids received for the plot of land and this is considered low which suggest that developers might not be too keen in EC development.
Parc Life EC Tender
The top bid by Fraser Centrepoint was $214 million and this translates to $320 psf ppr. Although participation rates were low, the tenders received were very close which suggest that developers who are keen on the Parc Life EC development have submitted a confident bid for the plot of land. The second highest bid was submitted by City Developments Limited and the difference is only a mere $4 million.
Fraser Centrepoint Tender
Real estate analysts note that the reduction in the number of participants may be due to the combination of factors. First of all, there are to be more ECs in the north such as the land parcels in Yishun Street 51 that are due for launch soon and therefore buyers in the North might be looking at these ECs and not the one by Frasers Centrepoint. Also, the demand for Parc Life by already be diminished because previously there is a EC right beside Parc Life which is Skypark Residences that was already launched last year that might have taken up a portion of the serious buyers already and Parc Life will have less demand.
Sembawang Avenue Parc Life EC
Nevertheless, Fraser Centrepoint Homes remain confident on the demand on ECs and Parc Life in Singapore as EC remain the only way for Singaporeans to attain private housing at a subsidized price. Parc Life will be available for booking in first half of 2016.