Punggol Field Walk/Punggol East EC site receives 7 bids

Stronger than expected bids were submitted for a parcel of land earmarked for executive condo development in the Punggol area.

The 99-year leasehold property at Punggol Field Walk/Punggol East received a total of seven bids at the close of the tender on Thursday.

Property consultants had forecast between three and six bids.

The Urban Redevelopment Authority (URA) said the top bid of S$162.1 million was placed by mainboard-listed developer, Sing Holdings Ltd, surpassing forecasts of S$134 million to S$152 million.

The top bid equates to S$3,776.73 per square metre of gross floor area (GFA) based on the maximum permissible GFA of about 42,921 square metres.

The top bid is about eight percent higher than the second highest bid from boutique developer, JBE Holdings.

The land was launched by the Housing & Development Board (HDB), as the government’s land sales agent, for public tender on October 15, under the confirmed list of the second half Government Land Sales (GLS) programme.

Located near Punggol MRT station, it has a site area of about 14,307 square metres — a plot ratio of 3.0 and can potentially yield about 435 housing units.

Source : Channel NewsAsia – 6 Dec 2012

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