Simei Street residential site attracts top bid of S$236m

United Overseas Land and its partner Peak Century have put in the top bid of S$236 million for a residential site at Simei Street 4.

The price works out to about S$296 per square foot per plot ratio.

The Urban Redevelopment Authority tender attracted three bids.

The second highest bid of some S$231 million came from Frasers Centrepoint Properties.

NTUC’s Choicehomes trailed in at third place with its offer of S$188 million.

Consultant CB Richard Ellis estimates the future condominium project to be built on the site will have a breakeven price of about S$650 per square foot.

It expects the units to sell at between S$700 and S$750 per square foot.

Units in nearby projects, The Modena and Tropical Springs, are selling at between S$550 and S$650 per square foot in the resale market.

Another consultant Knight Frank expects the site to yield about 650 units. – CNA/ms

Source : Channel NewsAsia – 4 Jan 2008

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