Friday, May 04, 2012

Woodlands EC site attracts top bid of S$247m

The tender for a 99-year leasehold site (pictured) released by the Housing and Development Board (HDB) at the junction of Woodlands Avenue 5 and Woodlands Drive 16 has attracted a total of five bids, with China-based firm Hao Yuan Investment Ltd offering the top bid of S$247 million.

“This reflects a land price of S$317.65 psf ppr and is 3.5 percent above the second bid,” said Chia Siew Chuin, Director of Research & Advisory at Colliers International.

The second highest bid came from MCL Land at S$238.7 million followed by EL Development (S$228.3 million) and White Haven Properties (S$222.5 million), while a joint offer between FCL Place and Maxdin offered the lowest bid at S$186.8 million.

“Even though this site did not attract that many bids, the top bids still reflect optimism from developers,” said Chia.

Launched for sale on 15 March 2012, the site has a total area of 25,800 sq m with a maximum gross floor area (GFA) of 72,240 sq m and a gross plot ratio of 2.8. It is zoned for executive condominium (EC) development and could generate up to 720 housing units.

“The subject site is located in the heart of Woodlands new town,” said Li Hiaw Ho, Executive Director at CBRE Research. “It is a short drive from Woodlands MRT station and Causeway Point shopping mall. Its immediate neighbour is La Casa executive condominium, which was completed in 2008 and will be partially privatised when it turns five years old.”

The highest bid reflects a breakeven cost of S$630 psf to S$650 psf, noted Li, adding that “the new project will be priced around S$700 psf”.
HDB said a decision on the tender award will be made after all the bids have been evaluated. 

View the original article here

Source From Property Guru

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