In recent time, Sales for EC was considerably slow, and that is why when Hougang/Yio Chu Kang site for executive condo received a high bid, then it surprised market as well. Although, this site is not close to any MRT station, and it is available only for a 99-year lease, but it has a beautiful neighbourhood that makes it a fantastic place for EC project. It has some fantastic amenities as well close to this address and these amenities including School and Hougang 1mall.
Hundred Palms EC Sales at Yio Chu Kang Road
Also, in the Hougang area, no EC site got released for bidding, and that was another reason for this high bit. This 1.8 Hectare site received ten bids, and Hoi Hup Realty places a top bid for $183.8 million Singapore dollar. That means they are paying S$ 3331.02 for every square foot in this plot. This amount was 6.1 percent more compared to the next highest bid that came from Nanshan Group Singapore. Although it was a pleasant surprise, but Property consultants predicted almost same kind of results for this plot. After the launch of this plot last year, they claimed this plot would get 5 to 14 big and its bid would range somewhere between S$260-340 for each square foot. Construction works for Hundred Palms EC will begin soon at the development.
Hundred Palms Residences Hoi Hup Realty
With further details, Wong Sjew Hung the direction Hoi Hup said, the breakdown cost will be close to S$700 PSF and they are hoping to have a target selling price in the S$800 psf range. However, the actual price may vary depending on the market condition and other factors on given time. As far as the building of project is concerned, it will be constructed by Strait’s construction that is Hoi Hup’s construction wing. This project will have close to 560 units and above 70% of these units will have three bedroom apartments in it. Other than this, 15 per cent units will have four bhk, and rest of the units will consider two or five bhk apartments for various needs.
Hundred Palms Residences Construction Works
Experts believe before 2015 this bid could have fetched above S$400 psf. Although market saw a hit in 2013, but it took a couple of years to have this reflection in the EC developers. However, this project welcomes bid from many of the participants that are in the construction work, and that is a good sign for the market. This also explains that it is getting affordable now and it will give a huge benefit to all parties including builders and buyers. It is also a good sign that the future of EC will be bright in coming days.