Thursday, May 03, 2012

Woodlands residential land plot attracts S$247 million bid

SINGAPORE: The sales tender for the executive condominium (EC) site at Woodlands Avenue 5 / Woodlands Drive 16 has attracted five bids.

The top bid of S$247 million came from Hao Yuan Investment, the Housing and Development Board said in a statement on Thursday.

The bid works out to about S$320 per square foot per plot ratio, according to property analysts.

Hao Yuan Investment bid 3.5 per cent higher than the second bid. The rest of the bids ranged between S$238.7 million and S$$186.8 million.

The 99-year leasehold plot has a maximum gross floor area of 72,240 sqm.

HDB said the site, which spans 25,800 square metres, can yield about 720 residential units.

Colliers International says the completed EC could possibly be sold at S$750 per square foot, with an estimated break-even cost of some S$620 to S$670 per square foot.

Meanwhile, DWG estimates that the selling price could be between S$680 and S$730.

Colliers added that although the site did not attract many bids, the top two bids still reflect optimism from developers.

DWG said the level of interest for the site indicated that developers are still selective with their bids for EC sites, despite brisk demand for such units at recent launches.

- CNA/wm

View the original article here

Source From Channel News Asia

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