MCL Land has topped the bids for two adjacent executive condominium (EC) plots at Choa Chu Kang by a slender margin. It offered $232.5 million for Choa Chu Kang Grove Parcel A and $210.1 million for Parcel B, which sits between Parcel A and public housing blocks.
Consultants said yesterday that the top bids were within expectations, noting that demand for ECs has slowed recently. They added that if MCL were awarded both plots, it could most likely combine them into a single EC development.
Both sites are on 99-year leaseholds and are about 177,120 sq ft each with a maximum gross floor area of 619,920 sq ft. They are expected to yield about 575 units each.
MCL's bid for the more popular Parcel A works out to around $375 psf ppr. It trumped six other offers and narrowly edged past JBE Holdings' $373 psf ppr bid by a mere 0.5%. Consultants said Parcel A fared better probably because Parcel B was more oddly shaped and faced a petrol kiosk and multi-storey carpark.
As for Parcel B, MCL's top offer of $339 psf ppr pipped a $333 psf ppr offer from a City Developments (CDL) consortium by 1.8%.
Notably, the two EC sites are the first to be launched since the measures unveiled on Dec 9 last year to include a cap on the mortgage-servicing ratio at 30% of gross monthly income, and the introduction of a resale levy for second-timer applicants who buy EC units directly from developers. It was also the second time the Government has batched together tender closing dates for adjacent land parcels.
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