Sumang Walk

Exec condos in the limelight as CityDev JV outguns rivals with $509 mil bid for Punggol EC site

SINGAPORE (Feb 28): DBS Group Research believes property developers are bullish on land-banking in executive condominium (EC) sites in Singapore due to limited supply in the near term.

This comes after a joint venture between City Developments (CDL) and TID Residential came up tops in the latest government land tender with a $590.4 million bid for the 820-unit EC site at Sumang Walk in Punggol.

The only EC plot available in the Government Land Sales (GLS) programme in 2H17, the Sumang Walk site saw a whopping 17 bids at the close on Tuesday night.

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