Wednesday, November 14, 2012

S$135m top bid for Sengkang EC site

An executive condominium (EC) site located at the junction of Sengkang West Way and Fernvale Link (Parcel B) fetched a top bid of S$135 million from Verspring Properties when the public tender closed yesterday, said the Housing and Development Board (HDB).

Launched for sale on 26 September, the 99-year leasehold site has a land area of 14,100.8 sq m and could yield some 420 units. It has a maximum gross floor area (GFA) of 42,302.4 sq m and gross plot ratio of 3.0.

In total, the site attracted six bids. The top bid translates to S$3,191.31 psm on the GFA. Meanwhile, the second highest offer of S$134.85 million or S$3,187.81 psm on the GFA came from JBE Development.

HDB will announce its final decision on the winning bid after all offers have been evaluated.

Li Hiaw Ho, Executive Director at CBRE, said it will be timely for a new EC project to be launched in Sengkang and Punggol by mid-2013, as all existing projects there have sold out.

He noted that the top bid of S$135 million could translate to S$296.50 psf on the plot ratio, which means the winning developer will likely enjoy an estimated breakeven cost of S$600 psf. In terms of pricing, EC units at the future development could range from S$680 to S$720 psf, similar to the nearby Twin Waterfalls, Riverparc Residence and Austville Residences.

Added Li: “A new project, The Topiary (726 units) located at Fernvale Lane, will be launched around December 2012 and another EC project at Punggol Way/ Punggol Walk may be launched in Q1 2013.” 

View the original article here

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