S$247m top bid for Buangkok Drive/Sengkang East Drive site

A total of four bids, according to provisional results, were received by the Housing & Development Board (HDB) in the tender for a land parcel at the junction of Buangkok Drive and Sengkang East Drive.

The site, which has a gross floor area of over 58,000 square metres, is planned for condominium housing development.

The top bid came from Qingdao Construction at S$247 million, or S$391 per square feet per plot ratio (psf/plot ratio).

This was ahead of the next bid from Opal Star by about S$7 million.

The lowest bid was S$145 million from Best Desire.

The site can be developed into a condominium development of around 20 storeys with 550 units.

CB Richard Ellis executive director Li Hiaw Ho said: “The top bid of S$247 million or S$391 psf/plot ratio is within market expectations. A new project will breakeven at S$760 psf to S$780 psf.”

He added that currently “units in H2O Residences at Sengkang West Avenue/ Fernvale Link are being marketed at the median price of S$940 psf and some 330 units of this 521-unit condominium have been sold to date.”

Source : Channel NewsAsia – 2 Jun 2011

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