SINGAPORE – The Housing Board (HDB) on Thursday (April 30) launched the sale of an executive condominium (EC) site at Yishun Avenue 9, and extended the public tender period to six months due to the coronavirus outbreak.
The longer period will provide developers with additional time to make their assessment in view of the current Covid-19 situation, HDB said in media release. The tender duration for GLS residential sites typically ranges from six to eight weeks.
The tender for the 99-year leasehold land parcel will close at noon on Oct 29.
The site spans 21,514.0 square metres and can potentially yield about 600 residential units. It is located within 500 metres to Junction 9, a relatively new neighbourhood mall.
It is the first of three confirmed list residential sites to be launched for sale under the government land sales (GLS) programme for the first half of 2020.
The other two sites consist of a parcel at Tanah Merah Kechil Link, next to Tanah Merah MRT station, which can yield 310 housing units and a mixed residential and commercial plot at Jalan Anak Bukit which can accommodate 865 units. The Jalan Anak Bukit site, will have an a bus interchange with an underground connection to nearby Beauty World MRT station on the Downtown Line.
The Government kept steady the amount of private residential housing from GLS programme for the first half of this year, in view of the supply overhang and as developers’ bids for land moderated after property cooling measures.
Confirmed sites are land parcels that are launched according to schedule, regardless of demand. Reserve sites, on the other hand, are launched only upon successful application by a developer or when there is sufficient market interest in a site.
Executive condominiums are public-private housing hybrids built by private developers and typically come with amenities found in private condominiums such as swimming pools and multi-purpose rooms. The income ceiling for Singaporean households to buy EC units is $16,000, up from $14,000 following a policy change in September 2019.
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