The Ang Mo Kio Ave 1 site saw 15 bidders and a top bid of $1,118 psf ppr. Land zoned for residential in Ang Mo Kio tends to attract many bidders. For example, Thomson Impressions saw 18 bidders in 2014, The Panorama had 12 bidders in 2013 and Centro Residences drew 14 bids in 2007.
Looking at the bids for land, it appears that competition for land is stiff and developers are forced to bid more than $1,000 psf ppr to stand a chance of securing land for development. The level of bidding among developers showed their confidence and any restriction induced by the pandemic is temporary.
There is potentially pent-up demand as the last project was seven years ago. Furthermore being situated in a mature HDB estate is likely to provide a sizeable pool of HDB upgraders. It is minutes’ walk to Mayflower MRT station which is slated for completion in 3Q 2021. It is near vast stretches of greenery like Bishan-Ang Mo Kio park and Lower Pierce Reservoir. Units facing the Northwest will enjoy unblocked views of the nature reserve.
The plot of land zoned for EC at Tengah Garden Walk attracted 7 bidders and a top bid of $603 psf ppr. Despite being in an untested location for EC, the site attracted a confident bid and a healthy level of participation. The last sale of land for EC was iNZ Residence at Choa Chu Kang in 2015.
In fact, there has been no EC launch within a 2km radius at all. Hence there should be a big pool of HDB upgraders who aspire to move up the housing ladder. This is also one of the rare EC sites that is within walking distance to a MRT station.