Pheng Geck Avenue residential site attracts 13 bids

The land site for residential housing at Pheng Geck Avenue has attracted 13 bids at the close of tender on Thursday.

Santarli Corporation placed the highest bid of S$114.8 million for the 4,850 square metre site.

The site also has a maximum permissible gross floor area of 16,977 square metres.

This translates the top bid to about S$6,762 per square metre, or S$628.23 per square foot per plot ratio.

The other bids for this 99-year leasehold site ranged between S$113.75 million and S$92.5 million.

According to property firm SLP International, it is the third land parcel along Pheng Geck Avenue the government had sold in the past two years.

And its S$628 per square foot per plot ratio land price made it the priciest of the three.

Meanwhile, DWG Research and Consultancy says the top bid was 3.5 percent above the bid of the nearby Nin Residence in June 2010, a project which is almost 85 percent sold.

Analysts say the strong interest from developers for the land plot is partly due to the rejuvenation that is underway in the wider Potong Pasir area.

An estimated 160 to 220 units will be built on the site and analysts expect the selling price to be between S$1,200 and S$1,400 per square foot.

The Urban Redevelopment Authority launched the site for tender in May.

It adds that a decision on the award of the tender will be made after the bids have been evaluated.

Source: Channel NewsAsia – 28 Jun 2012

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