The latest tender results for EC in the north shows that the built up of ECs has reduced developer interest to build the hybrid housing in Sembawang. According to sources, there were only 2 bids for the Sembawang plot which is located at the intersection of Sembawang Road and Canberra Link. The Visionaire EC, as it names, is the latest EC plot in the north that attracts only 2 bids.
Sembawang Tender The Visionaire
However, despite the number of bids, Visionaire Woodlands appears to be a good site for Qingjian Realty as it put in a bullish bid of $229.4 million. Analyst note that this bid seems to be a high bid considering the selling prices of the neighbouring ECs. Visionaire Woodlands sits on about 309,418sqft plot of land and the bid that Qingjian works out to be $353psf ppr. Sources received also note the CDL is the other developer which bid a high bid of $321psf ppr. CDL might sought to protect its pricing for its neighbouring Brownstone EC which it is currently selling to the public.
2 Bids for Sembawang Canberra EC
Nicholas Mak, executive director at SLP International note the number of low bids received in the current exercise could be due to the steady stream of EC land coming and developers might be choosy on the land that is available for sale. Records indicate that there is another 4 plots of land in the north with a total of 2,230 units available for sale and hence this might take away many of the demand prior to The Visoniare EC.
Spokesman for Qingjian indicate that they will built around 600 units for Canberra Visionaire EC and indicate that they are confident about the demand for ECS due to its pricing and in particular, the location of The Visionaire EC.
The Visionaire EC Tender
Qingjian Realty has note that they have launched Bellewoods EC last weekend and is pretty confident on the demand for Woodlands EC. Analyst also note that demand for ECs remain robust and The Visionaire EC should receive good response given its proximity to Canberra MRT Station as well as Canberra Plaza. However, buyer might be cautious due to the fact that Mortgage Service Ratio (MSR) which was implemented as a cooling measure and therefore this might hamper demand.