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Two EC sites in Yishun draw healthy number of bids

Two plots of land for executive condominium development at Yishun Street 51 have attracted a healthy number of bids from developers at the close of tender on Thursday.

SINGAPORE: Two plots of land for executive condominium (EC) development at Yishun Street 51 have attracted a healthy number of bids from developers at the close of tender on Thursday.

The two adjacent plots were put up for sale under the batch tender closing system, which is aimed at ensuring more prudent bids from developers.

According to the Housing and Development Board, one plot attracted six bids.

The top bid came in jointly from Verwood Holdings and TID Residential at S$178.5 million.

Verwood is a wholly-owned subsidiary of City Developments, and TID Residential is a wholly-owned subsidiary of TID Pte Ltd. 

The site measures about 17,940 square metres and is expected to yield 490 units.

There were eight bids for the other plot, with JBE Holdings placing the top bid of S$184.1 million.

The plot has a size of about 18,260 square metres and is expected to yield 520 units.

Desmond Sim, head of CBRE Research (Singapore), said in a statement that "developers are still hungry for land. The relatively small total quantum for the two sites has enticed a spectrum of developers, big and small, to place competitive bids".

He also noted that the area is fast becoming an enclave of private developments in an established housing estate. 

In a statement on Thursday, CDL said that if awarded the site, it will explore a mid-rise EC development of between 12 to 13 storeys with approximately 480 units.

In January this year, CDL and TID also successfully tendered for an EC land parcel at Canberra Drive. 

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