POSTED: 31 May 2013 12:27 AM | CNA

SINGAPORE: A land parcel at Anchorvale Crescent has attracted six bids at the close of its tender, according to the Housing and Development Board (HDB).

The 23,000 square metre site is for the development of executive condominiums (ECs).

The highest bid of S$245.6 million was submitted by Chinese developer Qingjian Realty (South Pacific) Group.

This works out to S$331 per square foot per plot ratio.

The top bid was also 3.2 per cent higher than the second-highest bid of S$238 million submitted by Bellevue Properties, a unit of City Developments.

Analysts estimated the break-even cost for the site to be between S$630 and S$680 per square foot.

When units at this project are ready for launch, the selling price could start from S$750 per square foot.

HDB said some 690 housing units can be developed on the 99-year lease site.

HDB added that it will decide on the award of the tender at a later date.

Analysts said the number of bids reflects lukewarm response from developers for EC sites.

This is despite Sengkang being a popular location for homebuyers.

– CNA/ms

http://www.channelnewsasia.com/news/business/singapore/land-parcel-at-anchorvale-crescent-attra/693030.html