Punggol residential site goes to top joint-bidders at S$223.7m

The Housing and Development Board (HDB) has awarded a residential site at Punggol Field/Punggol Road to the highest joint-bidders.

They are ChoiceHomes Investments and CEL Development which made the top offer price of S$223.7 million.

HDB received a total of five bids for the site measuring 22,497 square metres. The site has a maximum gross floor area of 67,492 square metres.

Under the government’s Reserve List of government land sales, the site is meant for executive condominium housing development.

HDB said the expected project completion period will be 48 months from the date the tender was accepted.

The land parcel was triggered for sale after a developer committed a minimum bid of S$147.7 million.

The site was launched for public tender on May 5 and has a lease period of 99 years.

Source : Channel NewsAsia – 17 Jun 2010