The Housing and Development Board (HDB) has received nine bids for a residential site at Sengkang Square/Compassvale Road at the close of tender on Tuesday.
The highest bid came from Keppel Land Realty at S$286.8 million. This translates to about S$502 per square foot per plot ratio.
The next highest bid of S$274.3 million was submitted by joint bidders Sunmaster Holdings, Garden Estates and TID Residential.
The 99-year leasehold land parcel has a site area of 17,700 square metres and a maximum gross floor area of 53,100 square metres.
Executive director of CBRE Research, Li Hiaw Ho, said he expects the new residential project on the site to be able to fetch around S$1,000 per square foot.
He added that a ready pool of upgraders in Sengkang, Hougang and Punggol new towns will be attracted to the project.
A similar development, H2O Residences at Fernvale Link, was recently launched, with more than 200 units sold over two weekends.
The Sengkang Square site was launched for public tender on January 21 and is slated for a condominium housing development with some 530 dwelling units.
HDB said it will evaluate the bids and announce the final results within the next two weeks.
Source : Channel NewsAsia – 15 Mar 2011