Tender for Bright Hill Drive site attracts 6 bids

The Housing and Development Board (HDB) said the tender for the residential site at Bright Hill Drive has attracted a total of six bids.

United Venture Development (UVD) placed the top bid of S$291.5 million for the 99-year leasehold site.

UVD is a joint venture company of UOL and Singapore Land Limited.

The top bid is about 18 per cent more than the second highest bid of S$246.8 million jointly tabled by FCL Topaz, Far East Orchard Limited and Sekisui House.

HDB said the tender price of S$291.5 million works out to S$7,747.74 per square metre of gross floor area.

Lee Sze Teck, senior manager of Research and Consultancy at Dennis Wee Group, said the estimated breakeven price for each unit could be between S$1,100 and S$1,150 psf while the selling price could be around S$1,250 to S$1,300 psf.

Mr Lee added, “There could be pent up demand in the area as there is no new project launch for many years. Thomson Grand, which is nearer to Bishan, is 100 per cent sold as of April 2012 at a median price of S$1,300 psf.”

The site at Bright Hill Drive spans some 13,437 square metres and could yield 405 residential units.

HDB said the proposed development at the site could be condominium or flats; or with written approval – a combination of flats and strata landed houses, but serviced apartments are not allowed.

A decision on the award of the tender will be made after the bids have been evaluated.

Source : Channel NewsAsia – 7 Jul 2012

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