Pasir Ris EC site attracts top bid of S$122m

The tender for a executive condominium (EC) site at Pasir Ris has attracted a high number of developers, according to the Housing & Development Board (HDB).

There were a total of 11 bidders for the site at Pasir Ris Drive 3 and Pasir Ris Link.

The top offer of S$122 million came from joint bidders Ho Lee Group and Maxdin. That translates to about $291 per square foot per plot ratio.

This means a breakeven price of around $600 per square foot.

Experts said a possible reason for the high interest is the recent move by the government to raise the income ceiling for those eligible for EC housing.

The land parcel at Pasir Ris has a site area of around 18,500 square metres.

Nicholas Mak, Head of Research at SLP International, said: “This site attracted a high number of bidders due to its attractive location and the strong sales results of the Belysa Executive Condominium (EC). The Belysa EC was launched in May 2011 and was sold out in one month. The site is within the vicinity of Downtown East and not far from the Pasir Ris MRT station.

“Other than this site, there is no other supply of new executive condominium project in the Pasir Ris area in the immediate future. In addition, some developers also expect that the demand in the mass market would remain healthy in the coming year, especially in the EC market. Therefore there is a strong demand for EC development sites.”

Source : Channel NewsAsia – 11 Oct 2011

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