SINGAPORE - A muted showing was seen at the tender closing for a 1.24 ha Executive Condominium (EC) site in Woodlands Avenue 12.

Seven bids were received, with the top bid of $103.79 million or $278 per sq ft per plot ratio (psf ppr) submitted by Hao Yuan Investment.

It was 3.8 per cent above the second-highest bid by Allgreen Properties of $99.98 million or $268 psf ppr.

"We're seeing a pattern of cautious bidding for EC sites, following the highest bid of $280 psf ppr for the Anchorvale Crescent parcel last month," said Mr Ong Teck Hui, JLL national research director.

The site can build 390 homes.

Mr Ong estimated the break-even price to be between $600 to $650 psf, and selling price in the range of $700 to $750 psf.

Earlier ECs in Woodlands, Forestville and Twin Fountains, had average prices of $732 psf and $744 psf respectively. Bellewoods, which was launched in November last year, has been selling at an average price of around $800 psf.