Lee Sze Teck, Huttons Senior Director of Research
The Lentor Central site attracted a top bid of $1,108 psf ppr while the Lentor Hills Road (Parcel B) saw a top bid of $1,130 psf ppr.
The dwindling unsold supply and recent strong sales at new project launches in the OCR gave developers the confidence to put in a strong bid.
Participation however was muted as expected probably because some developers are cautious of an area where the Government can offer up to 11 sites for development.
Mark Yip, Huttons CEO
CDL put in the top bid of $626 psf ppr for the EC site at Bukit Batok West Ave 5, pipping the next bidder by just $1 psf ppr.
As the project is likely to be launch in 2024, developers might be hedging against unforeseen risks in the economy, construction and interest rates.
Nevertheless as the West region had not had an EC launch for many years, there could potentially be pentup demand for ECs from both upgraders and first time home buyers.