Executive condo site at Upper Serangoon attracts 7 bids

The Housing & Development Board (HDB) tender for the land parcel at Upper Serangoon View / Upper Serangoon Road has attracted seven bids at the close.

The top bid came from a joint offer by Ho Lee Group Pte Ltd and Evia Real Estate Management Pte Ltd for S$141.5 million.

This works out to S$303 per square foot (psf) per plot ratio.

The top bid is seven percent more than the second bid of S$132.1 million by EL Development Pte Ltd.

The third bid came from Peak Living Pte Ltd, a unit of Kheng Leong, a construction company.

Meanwhile the lowest bid came from Frasers Centrepoint Limited at S$93.4million.

The 99-year lease hold site was launched for public tender on 19th January this year.

It has a maximum permissable gross floor area of 43,372.70 square metres.

Dennis Wee Group senior manager Lee Sze Teck says the level of interest shows that developers think the executive condominium market is still robust.

“The site will be able to enjoy the commercial activities that is provided for in the adjacent BTO development, Hougang Capeview and views of the Serangoon Reservoir.” he added.

Mr Lee says the top three bidders are companies in the construction trade hence they will be able to manage the construction costs.

The estimated breakeven cost is between S$550 and S$600 psf.

The estimated selling price is between S$670 and S$720 psf which is similar to Twin Waterfalls in Punggol.

HDB says the award of the tender will be announced at a later date.

Source : Channel NewsAsia – 1 Mar 2012

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