Five bids were received by the Housing and Development Board (HDB) in the tender for a land parcel at Sengkang Square/Compassvale Drive launched on 16 April.
The 99-year lease site has an area of approximately 22,498 square metres or a maximum gross floor area of over 67,000 square metres. It is planned for a private housing development.
The top bid came from EL Development for S$383 million or S$528 per square ft.
The bid was 5.2 per cent higher than the S$501.76 per square ft per plot ratio paid by Keppel Land Realty Pte Ltd for the adjacent site where The Luxurie is currently being built on.
EL Development’s bid is some 10.2 per cent and 12.7 per cent above the second and third highest bids.
Property consultant Colliers estimated a breakeven cost of S$950-S$980 per square ft and estimated the selling price of the development to be above S$1,100 per square ft.
Typical three-bedroom units at the adjacent The Luxurie were transacted at S$920 to S$1,100 per square ft since the beginning of the year until May.
HDB said it will evaluate the provisional tender results and award the tender at a later date.