11 bids received for Executive Condominium site at Compassvale Bow

The Housing and Development Board (HDB) has received 11 bids for the sale of a site in Sengkang at Compassvale Bow.

The 19,000 square metre site is designated for an executive condominium under the Design, Build and Sell Scheme (DBSS).

The top bid came from Opal Star and Lum Chang Building Contractors who offered S$193 million for the site.

That translates to about S$315 per square foot.

Opal Star is a unit of Frasers Centrepoint.

Executive Director of CBRE Research, Li Hiaw Ho said the bid represents the highest ever for an EC site.

The previous record is S$220 per square foot for Summerdale EC in 1997.

The second highest bid of S$190.7 million was submitted by MCC Land.

CBRE also said that the number of bids suggests that developers are keen to build up their land banks for suburban sites.

HDB is expected to announce the final tender results within the next two weeks.

Source : Channel NewsAsia – 4 Mar 2010

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