Saturday, March 31, 2012

Punggol EC site attracts 10 bids

A 13,241.8 sq m executive condominium (EC) site at Punggol Central (pictured) has received a total of 10 bids, with Qingjian Realty (South Pacific) Group offering the highest bid of S$136.7 million in a public tender that ended yesterday.

“The results of the tender closing for the EC site on Punggol Central and Edgefield show continued keen interest for EC sites and the increasingly popular Punggol address,” said Chia Siew Chuin, Director of Research & Advisory at Colliers International.

“In addition to the buoyant demand for EC units, the various plans rolled out by the Government for Punggol, including the newly completed 4.2-km waterfront promenade as well as the upcoming park at Punggol Point, contributed to the fervent response for the site.”

Launched for sale on 15 February 2012, the site has a maximum gross floor area (GFA) of 39,725.4 sq m and a gross plot ratio of 3.0. The 99-year leasehold plot could potentially yield up to 395 units with a maximum building height of 64m.

The top bid for the site works out to around S$320 psf ppr and reflects a breakeven cost of between S$650 psf and S$680 psf, said Li Hiaw Ho, Executive Director at CBRE.

“It is likely that the new project will be priced around S$750 psf.”

At the same time, Chia noted that the top bid was “18.4 percent above the land price of S$270.08 psf ppr achieved for a nearby EC site located at Punggol Way/Punggol Field.”

The second highest bid was offered by Sunmaster Holdings at S$131.8 million, while the lowest bid came from a joint offer between Huayuan International Development Group and Hua Yuan Organization at S$103.5 million. Other bidders were EL Development, Elitist Development, OUE Reef Development, Frasers Centrepoint and CEL Property Pte Ltd.

Located at the junction of Punggol Central and Edgefield Plains, the EC site is within 10 minutes’ walk to Punggol MRT station and the upcoming Watertown and Waterway Point shopping mall.

The Housing and Development Board (HDB) said a decision on the award will be made after all bids have been evaluated.

View the original article here

Source From Property Guru

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