HDB awards Choa Chu Kang EC site to Camborne Developments

The Housing and Development Board has awarded the residential land parcel at Choa Chu Kang Drive to Camborne Developments.

The developer had submitted the highest tender price of S$170.1 million out of the six bids for the site that is proposed for executive condominium (EC) housing.

The 17,590 square metre site was launched for sale on January 21 and closed on March 22.

The 99-year leasehold site has a maximum gross floor area of about 49,250 square metres, which could yield around 490 housing units.

The S$170.1 million tender price reflects S$321 per square foot (psf) per plot ratio and translates to a breakeven cost of about S$650 psf.

CBRE Research had said the new EC project could likely fetch around S$700 psf on average.

Source : Channel NewsAsia – 31 Mar 2011

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