As part of the Second Half 2017 (2H2017) Government Land Sales (GLS) programme under the confirmed list of 2017, the Housing & Development Board (HDB) has unveiled the tender of executive condominiums at Sumang Walk.
The location, close to the Johor Strait, can house close to 820 residential units. The condominiums are spread across 27,056.4 square metre, inside an area of 81,169.2 square metre. The maximum allowed height for these condominiums will be in the range of 64 to 70 metres above the mean sea level.
People can purchase them for a lease term of 99 years. A Project Completion Period of five years will be decided for the winning developer. The tender for the site at Sumang Walk will remain open until 12:00 p.m. on 30 January 2018.
The place is located at a short distance from Punggol Cove Primary School and Punggol Reservoir, and Sumang LRT and Nibong stations. More than a dozen developers are expected to participate in the bid.
According to the Executive Director of ZACD Group, Nicholas Mak, the number of condominiums that remain unsold has been coming down since March because of the limited number of new launches. As a result, the bidding for the Sumang Walk residential site will be keenly contested because of acute shortage of new residential sites in the market, especially executive condos.
As per Mr. Mak’s estimates, developers may bid between S$358 million and S$385 million for this site and the top bid could go up to S$393 million.
The closing of the tender for this particular site will happen together with two other housing locations at Handy Road and Chong Kuo Road. The tender for these two residential sites was announced by the Urban Redevelopment Authority (URA) back in November and October 2017 respectively under the 2017 GLS programme.
Another executive condominium project named Rivercove Residences will be unveiled soon at Anchorvale Lane. It is expected to have 640 to 650 units.