SINGAPORE: The Housing & Development Board (HDB), launched a residential site at Sumang Walk for sale by public tender on Tuesday (Dec 12), under the Confirmed List of 2nd Half 2017 Government Land Sales (GLS) Programme.
In its press release, HDB said the 99-year leasehold site has an area of 27,056.4 sq m, and can potentially yield about 820 residential units.
A five-year Project Completion Period (PCP) will be granted starting from the tender of this Executive Condominium (EC) site.
The tender for the land parcel at Sumang Walk will close Jan 30, 2018.
HDB said the tender closing for this site is batched with two other residential sites at Chong Kuo Road and Handy Road, which were launched by URA in October and November 2017 respectively under the 2nd Half 2017 GLS Programme.
Nicholas Mak, executive director of ZACD Group, said the Sumang Walk site "will be hotly contested" given the potential shortage of new EC sites in the primary market during the next 12 to 18 months.
"A reasonable top bid in the tender for this site could range from S$358 million to $385 million," said Mr Mak.
However, he noted that it would also not be surprising if a very bullish developer were to submit a bid that surpasses S$393 million.