The Urban Redevelopment Authority (URA) has received eight bids at the close of tender on Thursday for the sale of a land parcel at Bedok Reservoir Road.
The 46,000 square metre site was launched in mid-January and is designated for residential development.
The top bidder for the site is United Venture Development with a S$320 million bid for the site.
That translates to about S$5,010 per square metre.
The next highest offer came from a joint bid by FCL Topaz, Far East Civil Engineering and Sekisui House, for S$312 million.
The 99-year lease site has a maximum permissible gross floor area of nearly 64,000 square metres.
CBRE Research executive director Li Hiaw Ho said the site is designated for a five-storey condominium development and “the response of eight bids to the residential site at Bedok Reservoir Road showed that developers are keen on the site.”
Mr Li pointed out that Waterfront Isle, a newly launched 99-year leasehold condominium further up Bedok Reservoir Road, reported some 88 units sold at around S$920 per square foot (psf) in February.
Meanwhile, another new condominium project on the other side of the reservoir, Waterview saw some 460 units sold at S$900 psf between November 2010 and January 2011.
Mr Li said that the top bid of S$320 million or S$465 psf per plot ratio “translates to a break-even cost of around S$800 psf.”
“It is likely that a new residential project on the site can fetch around S$900 psf,” added Mr Li.
URA said it will award the tender after all the bids have been evaluated and will reveal the winner at a later date.
Source : Channel NewsAsia – 3 Mar 2011