[INGHAIYI Group has roped in Kay Lim Investment as a partner to develop an executive condominium (EC) at Anchorvale.
SingHaiyi won a 12-way contest for the plum plot in Sengkang last month.
Under the tie-up, Kay Lim will acquire a 20 per cent stake in the project company that will build the EC, with SingHaiyi owning the remaining 80 per cent interest.
Kay Lim, a construction company, has also entered into previous joint ventures with SingHaiyi for the development of housing projects in Singapore, such as the Pasir Ris One and CityLife @ Tampines.
SingHaiyi had lodged the top bid of $192.9 million for the 175,236 sq ft parcel at Anchorvale Crescent, near the Sengkang MRT station.
The amount works out to $367 per sq ft (psf) per plot ratio (ppr), pipping MCL Land's $363 psf ppr bid by just 1 per cent.
The winning bid fell in the middle of the price range of $330 to $400 psf ppr that the market had expected.
Analysts said developers were more cautious with their bids as tighter limits on home loans imposed last year are expected to shrink the pool of eligible new EC buyers.
EC buyers could previously use up to 35 per cent of their gross monthly income to pay off their mortgage, but that was lowered to 30 per cent in December last year.