This 99 year leasehold site was released back in the second half of 2015 under the Government Land Sales programmes was won by Hoi Hup Realty. The site sites on over 198,000 square foot with a plot ratio of 2.8 has the maximum allowable gross floor area of approximately 555,246 of which will translate to a yield of over a whopping 520 residential apartments.
The tender was held in Feb 2016 and was seen to be very attractive because of the response from the developers. There were a total of tens bids, the highest being over $183 million, which was by Hoi Hup Realty which amounts to approximately S$331.02 per sq ft per plot ratio. This 99 year leasehold parcel is seen by many to be very attractive because it is nestled in mature housing estate and has a pool of potential buyers sitting on the sidelines. Hundred Palms Residences is also close to amenities like Hougang 1 Mall and is within 1 kilometer to the renowned Rosyth School that offers the Gifted Education Programme.
Moreover, no EC sites have been released in Hougang in a long while.
What is so special about Executive Condominiums?
Executive Condominiums (ECs) are a form of hybrid public housing with the HDB rules regulations in place for the initial purchasers and that these HDB restrictions will be completely lifted 10 years after an EC project has been completed. Property analysts also pointed out that although the site is not next to an MRT station, it is a bus ride or short drive away from Serangoon Station and also enjoys good road connectivity with the Central Expressway within easy reach.
Unlike its private residential condominiums, the supply of ECs is very limited, and the only source of new EC sites is from the Government under their Government Land Sales Programme (GLS). There has been no new parcels that are released for Executive Condominiums (even on the confirmed list in the past two GLS exercises). Bearing in mind the 15-month waiting period from acquiring the site and market launch of the project that developers have to adhere to, ECs will be in short supply in 2017 and 2018. Only three new EC projects are expected to be launched this year, compared to five last year.