Saturday, March 10, 2012

EC site in Upper Serangoon attracts top bid of S$141.5m

The tender for an executive condominium (EC) site at Upper Serangoon (pictured) attracted a total of seven bids, with a joint bid from Ho Lee Group and Evia Real Estate Management offering the highest offer at S$141.48 million.

“The site drew seven bids, showing developers’ interest in the housing market for the masses,” said Li Hiaw Ho, Executive Director at CBRE Research.

The top bid works out to around S$303 psf ppr and reflects a breakeven cost of around S$650 psf, said Li, adding that “it is likely that the new project will be priced around S$700 psf.”

Launched for sale on 19 January 2012, the plot is located at the junction of Upper Serangoon View and Upper Serangoon Road. It has a total area of 12,392.20 sq m and a maximum gross floor area (GFA) of 43,372.70 sq m with a gross plot ratio of 3.5.

New projects close to the 99-year leasehold site include the private condo Boathouse Residences, The Florida EC and Rio Vista development. The site is also within close proximity to Hougang Plaza, Hougang Mall and Hougang MRT station.

The second highest bid was offered by EL Development Ltd at S$132.10 million while Frasers Centrepoint submitted the lowest bid at S$93.39 million. Other site bidders include Peak Living Ltd, Mezzo Development Ltd, Qingjian Realty (South Pacific) Group, and Elitist Development Ltd.

The Housing & Development Board (HDB) said a decision on the tender award will be made at a later date after all the bids have been evaluated.

View the original article here

Source From Property Guru

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