Kingsford Devt submits highest bids for two private residential sites

Kingsford Development submitted the highest bids for the two 99-year leasehold private residential sites at Upper Serangoon View.

The two adjacent plots were put up for sale under the batch tender closing system, aimed at ensuring more prudent bids from developers.

The Urban Redevelopment Authority (URA) said the first plot, Parcel A, attracted a total of eight bids.

Kingsford Development placed the top bid of S$258.8 million, about 16 per cent higher than the second-highest bid from EL Development.

Meanwhile, for Parcel B, Kingsford Development outbid seven other contenders with a top bid of S$201.6 million.

That is nearly 13 per cent above the second-highest bid jointly submitted by Maxdin and SingHaiyi Residences.

Responding to Channel NewsAsia, property agency PropNex said the top bid for both plots translates to a land price of about S$522 per square foot (psf) – above its expectation.

PropNex estimates that the breakeven price could range from S$950 to S$1,000 psf, with an average selling price of S$1,200 to S$1,300 psf.

Kingsford Development is currently developing a luxury condominium project in Singapore, Hillview Peak at Hillview Avenue.

Source : Channel NewsAsia – 28 Nov 2013

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