EC site at Yishun Ave 11 attracts 10 bids

The executive condominium site at Yishun Avenue 11 has attracted 10 bids.

MCC Land Singapore put in the top bid of $127.8m for the 99-year leasehold plot. This translates into S$281 per square foot per plot ratio.

The second highest bid came from Qingjian Realty, at S$118.8m, followed by Maxdin Pte Ltd which placed a bid of S$117m. The remaining offers range between S$46.8m and S$116m.

Real estate consultancy firm CB Richard Ellis says the tender results show that developers in Singapore are keen to acquire land for mass market housing.

An earlier tender for an EC site at Compassvale Bow had attracted 11 bids.

CBRE also noted that developers may have been more confident, following the success of The Estuary project which was launched recently at Yishun Avenue 1.

CBRE said the top bid of $127.8m for the latest EC site will work out to a breakeven price of S$520 psf.

Source : Channel NewsAsia – 11 Mar 2010

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