Boon Keng Development puts in top bid for Westwood Ave site

Developer Boon Keng Development has put in the top bid of S$11.8 million for a landed housing site at Westwood Avenue.

The price for the 150,700 sq ft site, which is being sold on a 99-year lease, works out to be S$78 per sq ft.

Only two bids were received by the Housing and Development Board (HDB) for the plot. Sunway Concrete Products put in the lower offer of S$10.3 million.

Property consultants CB Richard Ellis said the bid amounts were conservative, reflecting the current cautious sentiment in the property market.

But it said the terrace houses to be built on the site can still fetch between S$900,000 and S$1 million each.

These prices are slightly higher than the current prices being transacted for nearby developments like Westwood Park and Westville.

Source : Channel NewsAsia – 11 Mar 2008

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