Residential

Developers optimistic about EC market

Provisional results on 31 May 2013’s tender for an EC site in Sengkang showed developers’ confidence about prospects for this market segment, despite measures introduced in January. More recently, there have been strong hints from the government that it will change its housing subsidy of up to $30,000 for first-time buyers who pick up an EC unit from a developer. At the tender closing on 31 May, a 99-year EC site in Anchorvale Crescent drew a top bid of $330.65 psf ppr from Qingjian Realty (South Pacific) Group. Colliers International noted that the healthy participation rate as well as the robust competition among the top bidders signified developers’ optimism towards the EC market. Jones Lang LaSalle noted that the $331 psf ppr top bid surpassed the $296.48 psf ppr for the Sengkang West Way site last November by 11.5%, suggesting that ...