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HDB launches tender for executive condominium site at Bukit Batok West Avenue 5

HDB launches tender for executive condominium site at Bukit Batok West Avenue 5

The site can potentially yield about 495 executive condominium units. (Image: Housing and Development Board)

SINGAPORE: The Housing and Development Board (HDB) on Tuesday (Jun 28) launched a tender for an executive condominium site at Bukit Batok West Avenue 5. 

The site, which can potentially yield about 495 residential units, was put up for sale by public tender under the Confirmed List of the Government Land Sales (GLS) Programme for the first half of this year, said HDB in a news release. 

The area measures 16,623.7 sqm and has a lease period of 99 years.

The tender will close at noon on Sept 13, 2022.

It will be batched together with two other Urban Redevelopment Authority (URA) residential sites at Lentor Central and Lentor Hills, said HDB.

Ms Christine Sun, senior vice president of research and analytics at OrangeTee & Tie, said that the plot is nested within a new built-up area where many new flats and amenities are slated to be completed. 

She noted that the site is situated beside the Bukit Batok West Avenue 8 plot which sold in March this year for a record bid of S$662 per square foot per plot ratio, drawing nine bids.

Although the previous site would be launched at least 6 months before this current site and will enjoy first-mover advantage, she added that demand will still be healthy for this site due to a lack of supply in the area. 

"More flats are slated to reach MOP (Minimum Occupation Period) in the vicinity and there will be more upgraders looking for ECs in the area," added Ms Sun. 

Mr Lee Sze Teck, senior director of research at Huttons' Asia said: "There are around 8,000 owners of 3-room and larger flats which will fulfil the 5-year MOP from 2022 to 2024 who may choose to upgrade to an EC." 

He added that, buyers of executive condominium units have the advantage of not being subject to cooling measures, wealth taxes and can opt for a deferred payment scheme.

"The vicinity offers plenty of amenities such as supermarket and F&B outlets in the commercial space at Le Quest Mall and upcoming amenities at the new Tengah estate. It is within a five-minute's drive to the PIE," said Mr Lee. 

Developers may be mindful of the potential supply in the area and hedge against risks, he said, adding the estimated bid for the EC site is between S$640 and S$680 per square foot per plot ratio with up to 8 bidders. 

Prospective tenderers may send enquiries to HDB by email.

Source: CNA/yb(ta)

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