Friday, September 21, 2012

Prince Charles Crescent site attracts 8 bids

A residential site at Prince Charles Crescent (pictured) slated for development of condominiums or flats received a total of eight bids when its tender closed yesterday, said the Urban Redevelopment Authority (URA).

Launched for sale by public tender on 23 August, the 99-year leasehold site has a land area of 23,785.4 sq m and could accommodate some 590 units.

The top bid of S$516.299 million was submitted by a consortium comprising Wingstar Investment, Metro Australia Holdings, and Maxdin.

According to Joseph Tan, Executive Director for Residential at CBRE, the top bid translates to S$960 psf ppr and works out to a breakeven cost of between S$1,350 and S$1,400 psf.

“Between January to September this year, transactions of units in Ascentia Sky averaged S$1500 psf. Unit sizes in Ascentia Sky are fairly generous. If the typical units in the new project are ranged between 70 sq m and 100 sq m, they can be priced 10 percent to 15 percent higher,” noted Tan.

The site will likely lure buyers as it is conveniently located near the exclusive Mount Echo GCB area, Orchard Road, and Redhill MRT station.

View the original article here

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