The Housing and Development Board (HDB) has awarded the land parcel at Pasir Ris Drive/Elias Road to joint bidders ChoiceHomes Investments and CEL Developments for S$89.89 million.
They had submitted the highest of the six bids received at the close of the tender on October 21.
The land parcel, which is for Executive Condominium (EC) housing development, has a site area of over 15,100 square metres and a maximum allowable gross floor area of nearly 31,800 square metres.
The site was launched for public tender on September 8 and has a lease period of 99 years.
The S$89.89 million bid reflects S$263 per square foot (psf) per plot ratio and translates to a breakeven cost of S$560 psf to S$600 psf.
Source : Channel NewsAsia – 25 Oct 2010