Wednesday, April 04, 2012

Fernvale Lane EC site fetches top bid of S$245m

An executive condominium (EC) site at Fernvale Lane has received a top bid of S$245 million in a public tender that closed on 3 April 2012.
Among a total of four bids, Peak Living Pte offered the top bid of S$245 million for the site, while the second highest bid was a joint bid between FCL Tampines Court Ltd and Keong Hong Construction Ltd at S$240.38 million.

Meanwhile, the third highest bid was offered by EL Development at S$236.1 million, while Sunmaster Holdings submitted the lowest bid of S$232 million.

“The fewer bidders in today's tender as compared to the 10 bids received for the site at Punggol Central/Edgefield Plains which closed on 29 March 2012, could signify that developers are more selective in bidding for EC sites and prefer to bid for land parcels that are situated near MRT stations,” said Nicholas Mak, Executive Director at the Research & Consultancy Department of SLP International.

He added that the bid offered by Peak Living was 1.9 percent higher than the bid submitted by FCL Tampines and Keong Hong Construction, marking the closest margin since the tender for another EC site closed in July last year.

Launched for sale on 15 February 2012, the EC site has a total area of 21,999.90 sq m with a maximum gross floor area (GFA) of 76,999.65 sq m and a gross plot ratio of 3.5. It has a leasehold period of 99 years and could possibly yield up to 770 EC housing units.

The HDB said a decision on the award will be made at a later date, after the bids have been evaluated.

View the original article here

Source From Property Guru

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