A remote site for an Executive Condo located alongside Choa Chu Kang Avenue 5 has drawn in 11 bids for its recent tender. This was more than the predicted 3 to 7 bids that had been predicted by property consultants back in May, when the site saw its launching for Sol Acres.
It has been suggested by analysts that this higher number was down to the continued desire for land of the residential developer. Land is the key raw material that developers require to keep their businesses thriving, regardless of whether there is a dimness to the outlook of the property market.
Sol Acres by MCL Land
At the closing of tender on Tuesday, it was a consortium that was headed by Qingjian Realty who placed the highest bid of $295 per square foot, per plot ratio. This bid was well within the predicted price range of $250 to $330 per square foot, per plot ratio that consultants forecasted. However, it was a mere 7% more than the 2nd highest bid that was made by TID Residential of $276 per square foot, per plot ratio for Sol Acres.
Eight out of the eleven bidders had priced the site under $250 per square foot, per plot ratio as they were conscious challenges faced of the Executive Condo market.
There has been a rise in the amount of unsold units that has come as a result of recent changes in the rules and a softening the public/private housing combination’s demand.
Sol Acres EC Choa Chu Kang
One property consultant had observed that there had been a rise to 2,232 in 2015’s 2nd Quarter, from 2014’s 2nd Quarter figure of 739, in the amount of uncompleted Executive Condo units that had pre-requisites for a sale and had been launched yet still unsold. Also in the launching pipeline are about 4,800 Executive Condo units in Sol Acres.
This not well situated site is about 1.8 kilometres from the MRT station for Choa Chu Kang. It has been suggested by others that this stronger turnout for a site that was remotely located may be down to the upcoming rise of the income ceiling, which is soon to be announced by authorities, for those buyers who are eligible for a new Executive Condo unit. The monthly household income ceiling currently site at $12,000 and a boost in this cold very well raise the demand for Sol Acres Executive Condos.
Sol Acres EC
In comparison to other Executive Condo sites alongside Choa Chu Kang that were recently bought, the closing tender for this latest site was considerably lower for Sol Acres.