Woodlands residential land plot attracts S$247m bid

The tender by Housing and Development Board for an executive condominium (EC) site at Woodlands Avenue 5 / Woodlands Drive 16 has attracted five bids.

The top bid of S$247 million came from Hao Yuan Investment which works out to about S$320 per square foot per plot ratio for the 25,800 square metres site.

Hao Yuan Investment bid 3.5 per cent higher than the second bid. The rest of the bids ranged between S$238.7 million and S$$186.8 million.

The 99-year leasehold plot has a maximum gross floor area of 72,240 sqm and can yield about 720 residential units.

Colliers International says the completed EC could possibly be sold at S$750 per square foot, with an estimated break-even cost of some S$620 to S$670 per square foot.

Meanwhile, DWG estimates that the selling price could be between S$680 and S$730.

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