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Strong interest expected for S$255M Singapore executive condominium site

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Strong interest expected for S$255M Singapore executive condominium site

The tender for the Anchorvale Crescent executive condominium development site in Singapore has launched, a few weeks after it was triggered due to a S$255 million offer from an unnamed party.

The sales campaign is expected to attract strong interest from developers, according to market experts cited by The (Singapore) Business Times, because of the limited supply of executive condominium sites and the property's exemption to the raising of additional buyer's stamp duty rates in the city, among other reasons.

The tender will close Sept, 14, according to the Aug. 11 report.

The city-state's Housing Development Board is managing the bidding for the 1.71-hectare site, which has a 99-year lease and can be redeveloped into a residential project featuring up to 550 units.

As of Aug. 10, US$1 was equivalent to S$1.37.