Penrose developer

The Housing and Development Board has awarded the tender for an executive condo (EC) website at Fernvale Lane into Frasers Property, or FCL Lodge Pte Ltd, once it submitted the maximum bid of $286.5 million.

Review on CDL and Hong Leong emerged as the Penrose developer.

Launched available on 30 December 2019, the 99-year leasehold website has a region of 17,129.9 sq m and a maximum gross floor space of 47,964 sq m and will yield up to 480 housing units.

The tender for the EC website closed on 3 March, with seven bids received.

While the website sits at the Outdoor Central Region at District 28, it’s within walking distance to a number of amenities, such as Greenwich V shopping center in addition to Seletar Mall. It’s also near low-density greenery and developments, while the median cost per square foot in D28 has also climbed by 28% in the previous few decades.

Meanwhile, regardless of the consequences of this COVID-19 virus, Tricia Song, Head of Research to Singapore in Colliers International believes developers’ confidence might have been”fostered by the current stellar performance” in EC projects like OLA Residences in neighboring Anchorvale, which obtained 1,163 e-applications or over twice compared to 548 units provided, in addition to the 496-unit Parc Canberra EC, that saw 64% or 316 units snapped up in a normal cost of $1,085 psf throughout its February launch.