Property consultants said it was due 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.

The 242,159 sq ft EC site can accomodate a development of about 16 storeys with about 600 units. It is a 99-year leasehold site at the junction of Punggol Field and Punggol Road and near the Punggol MRT stat

ECs are subject to to a household income ceiling of $10,000.