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Showing posts from November, 2008

Punggol EC site fails to draw any bid

Source: Business Times
12 Nov 08 (Wed)

NO bid was received for an executive condominium housing site - despite its being attractively located in Punggol - by the time the tender closed yesterday.

The 99-year leasehold site at the junction of Punggol Field and Punggol Road was launched for sale by the Housing & Development Board (HDB) on Sept 17.

Property analysts had said then that they expect lukewarm response from developers despite its location near Punggol MRT Station and the future Punggol Town Centre.

Nicholas Mak, director of research and consultancy at Knight Frank, predicted fewer than five bids.

When the tender closed at noon yesterday, there wasn’t a single taker.

‘The lack of interest in the site reflects the cautious sentiment in the market,’ said Eugene Lim, assistant vice-president of property firm ERA.

There is also now a problem in deciding how to price executive condominium (EC) flats, he said.

EC flats are thought to be a cut above HDB’s Design, Build and Sell Scheme (DB…

No takers for Punggol EC site

Source: The Straits Times
11 Nov 08 (Tue)

By Joyce Teo, Property Correspondent

IN THE latest sign of a weakening property market, a tender for an executive condominium (EC) site in Punggol closed yesterday with no bids received.

Property consultants attributed the dearth of interest in the entry-level condo site to still-high construction costs and a lacklustre property market which is expected to trend lower.

This is the fourth EC site the Government has put on the market this year and the only one it kept for confirmed sale for the rest of this year.

Due to the poorer outlook for Singapore's economy and property market, the Government recently transferred all remaining confirmed sites for sale - apart from the Punggol EC site - onto a 'reserve list' where sites are put up for sale only if there is interest.

The 242,159 sq ft Punggol site can accommodate a development of about 16 storeys housing about 600 units.

It is a 99-year leasehold site at the junction of Punggol Field and …

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