Uneven bidding for adjacent Choa Chu Kang EC sites

Bidding was uneven for two executive condominium (EC) land parcels in Choa Chu Kang that ended today, though the same developer emerged tops for both.

MCL Land put in the highest bids for Choa Chu Kang Grove Parcel A at $232.5 million and Parcel B at $210.1 million.

Its bid for Parcel A translates to around $375 per sq ft (psf) per plot ratio (ppr), slightly higher than the maximum $370 psf ppr analysts earlier predicted.

However, its $339 psf ppr top offer for Parcel B hovered just above the bottom end of the predicted price range, which had been $330 psf ppr.

Parcel A, which borders the Choa Chu Kang Grove road, was also more popular.

It attracted seven bids while the neighbouring Parcel B, which is in between Parcel A and a public housing estate, only fetched four.

The plots had been expected to draw four to eight bids each.

Both sites are on 99-year leaseholds and are about 177,120 sq ft each. They are able to yield about 575 units each.

Other bidders who lodged offers for both plots were City Developments, EL Development and Sim Lian.

The two parcels were the first EC sites on offer to developers since new rules on EC loans took effect in December last week.