Monday, May 14, 2012

Tampines EC site draws S$233.5m top bid

An executive condominium (EC) site (pictured) near The Tampines Trilliant has received a top bid of S$233.5 million, which works out to around S$373.40 psf ppr. The joint bid was put up by Singxpress Property Development, Amara Holdings' Creative Investments and Kay Lim Realty.

At 20,750.50 sq m, the site is expected to house 580 residential units. It has a maximum gross floor area of 58,101.40 sq m and a gross plot ratio of 2.8. The 99-year leasehold site had received a total of six bids since the tender opened on 15 March.

Maxdin Pte Ltd & BPK Development Pte Ltd as well as United Infrastructure Pte Ltd and LMG Realty Pte Ltd jointly offered the second highest bid at S$230.7 million, followed by Sim Lian Land Pte Ltd’s S$222.28 million.

“The bullish bids were likely spurred by several locational attributes. For instance, the site is in close proximity to established educational institutions including Temasek Polytechnic, United World College of South East Asia and ITE College East,” commented Chia Siew Chuin, Director of Research and Advisory at Colliers International.

“It is also within 10 to 15 minutes' walking distance from the Tampines Regional Centre.”

Nicholas Mak, Head of Research at SLP International Property Consultants, said the tender result “indicates that the developers share the same opinion that this is an attractive site which the development can be launched at above S$750 psf”.

The Housing and Development Board (HDB) said it will announce the successful tender after all the bids have been evaluated.

View the original article here

Source From Property Guru

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