Residential site at Jalan Eunos attracts top bid of S$257.8m

The Urban Redevelopment Authority (URA) has received five bids for a residential site at Jalan Eunos at the close of its tender on Tuesday.

The land parcel was offered for sale on a 99-year lease on July 20.

The site has a land area of 41,261 square metres and a maximum gross floor area of 57,766 square metres.

The highest bid submitted for land parcel came from a joint bid by Tuas Technology Park and OPH Marymount for S$257.8 million.

That translates to about S$4,462 per square metre per gross floor area.

The next highest bid came from First Capital Development at S$203.8 million, followed by Ho Lee Group at S$189 million.

Leonard Tay, director, CBRE Research, said: “The five bids submitted is an indication that the site is fairly desirable to developers.

“The top bid of S$257.78 million or S$415 psf/plot ratio reflects a breakeven cost of around S$720 psf to S$760 psf. Units in this new project could possibly sell from S$850 psf upwards.”

He added that new mid-rise 99-year leasehold projects in the vicinity, such as The Minton at Lorong Ah Soo and Waterfront Gold at Bedok Reservoir Road, were recently launched at S$850 psf and S$990 psf respectively.

URA said its decision on the winning bid will be publicised at a later date after the bids are evaluated.

Source : Channel NewsAsia – 7 Sep 2010

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