The parcel for an executive condominium (EC) site at Sembawang Avenue has been awarded to FCL Tampines Court and KH Capital at the tender price of $214 million yesterday.
The site is expected to house 620 units, as it has an area of 22,189.7 sq m and a maximum gross floor area of 62,131.16 sq m.
The upcoming development will be built right next to another EC, Skypark Residences (pictured), which is expected to be completed in 2017.
Speaking to PropertyGuru Singapore, a representative said, “We do not see the new EC as a competition even though they are just next to us as the new EC will only be launched 15 months from the date of award, which was announced on 10 July 2014.”
In addition to three, four and five bedrooms units, SkyPark Residences, the first EC in Sembawang, also offers larger five-bedroom maisonette units.
It has sold about 60 percent of its units and continues to draw interest from potential buyers, said the spokesperson.
The Ministry of National Development (MND) recently revealed 779 EC units had been launched and remained unsold as of 31 May 2014 — the highest level for three years, according to media reports.
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
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