11 bids received for residential site at Clementi Ave 4

The Housing and Development Board (HDB) has closed the tender for a residential site at Clementi Avenue 4 after receiving 11 bids.

“This is the highest number of bids submitted since the Design, Build & Sell Scheme started in 2006,” said Nicholas Mak, executive director of the research & consultancy department at SLP International Property Consultants.

The highest bid of S$224 million came from EL Development. The HDB said that translates to S$2,921 per square metre.

The second highest was a joint bid of S$216.9 million from Centurion Re and Lian Beng Land. The lowest bid of S$166 million came from Mezzo Development.

The site – proposed for a public housing development that can yield 770 units – was launched in January under the Design, Build & Sell Scheme (DBSS).

Mr Mak said the site can accommodate up to 45 storeys of DBSS flats, adding that its proximity to the Clementi MRT station, primary schools and town centre would make it attractive to young families.

Based on the highest bid, he estimates the breakeven cost of the new development at about S$490 to S$530 per square foot.

The site measures nearly 22,000 square metres and has a 103-year lease term, including a 48-month construction period.

HDB said it will evaluate the tender bids and announce the final tender results within the next two weeks.

Source : Channel NewsAsia – 8 Mar 2011

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