Pasir Ris residential site awarded to MCL Land

The Urban Redevelopment Authority on Thursday awarded a residential site at the junction of Jalan Loyang Besar and Pasir Ris Drive 4 to MCL Land, which submitted the top bid of S$246.1 million at the close of tender on Tuesday.

There were only three bids submitted, with observers saying this was because developers were concerned over potential competition from projects at nearby sites, including those at Pasir Ris Drive 1 and an executive condominium site in Elias Road. They added that the impending review to raise the income ceiling for public housing eligibility may also have a dampening effect on mass market private homes.

The site has an area of 27,054.8 sq m with maximum permissible gross floor area of 56,816 sq m. MCL’s bid translates to S$402 per sq ft per plot ratio.

CBRE Research executive director Li Hiaw Ho said that “units in this new project will be able to fetch above S$800 psf on the average”. This was based on caveats lodged between February and last month for units in NV Residences in Pasir Ris Drive 1 which were sold at between S$800 psf and S$890 psf.

Meanwhile, units at another nearby project, Oasis @ Elias, were sold at between S$680 psf and S$830 psf, according to CBRE.

Source : Today – 12 May 2011

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