HDB receives four bids for Pasir Ris residential site

The Housing and Development Board (HDB) has closed the tender for a residential site at Pasir Ris Drive 3 and Drive 4 after receiving four bids.

The highest bid came from joint bidders FCL Topaz and F.E. Lakeside which bid S$151 million.

That translates to about S$335 per square foot per plot ratio.

Li Hiaw Ho, executive director of CBRE Research, said the quantum of the bids indicates that the developers are optimistic about this site, given the strong sales at the recently launched NV Residences at Pasir Ris Drive 1, in addition to the sea view for units on the higher floors.

Mr Li added that units in this new residential project will possibly sell for about S$800 per square foot.

The land parcel has a site area of some 20,000 square metres and a maximum gross floor area of some 42,000 square metres.

The site was launched for public tender on August 5 and has a lease period of 99 years.

HDB said it will evaluate the tender bids and announce the final tender results within the next two weeks.

Source : Channel NewsAsia – 30 Sep 2010

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