HDB receives 6 bids for Choa Chu Kang site

The Housing and Development Board (HDB) has received six bids for the land parcel proposed for executive condominium (EC) housing at Choa Chu Kang Drive.

The 49,250 square metre site was launched for sale on January 21 and closed at noon on Tuesday.

The highest bid came from Camborne Developments at S$170.1 million, followed by a joint bid of S$159 million by FCL Tampines Court and Keong Hong Construction.

The lowest bid of about S$117.2 million was submitted by Mezzo Development.

The 99-year leasehold site has a maximum gross floor area of 49,251 square metres.

HDB said it will announce the award of the tender at a later date after the bids have been evaluated.

CBRE Research said the top bid of S$170.1 million reflects S$321 per square foot (psf) per plot ratio and translates to a breakeven cost of around S$650 psf.

Li Hiaw Ho, executive director, CBRE Research, said: “The subject site is situated at Choa Chu Kang Drive, adjacent to Mi Casa condominium which is currently under construction. It is just a few minutes’ walk from Choa Chu Kang MRT station and Lot 1 shopping mall.”

He added: “In January-February 2011, units in Mi Casa were sold at around S$800 psf. It is likely that the new EC project can fetch around S$700 psf on the average, a differential from the price of private condominiums to take into consideration the eligibility conditions attached to EC projects.”

Source : Channel NewsAsia – 22 Mar 2011

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