Yishun condominium site gets 8 bidders

The tender for a Government Land Sales (GLS) site at Yishun Avenue 1/Miltonia Close has closed with a total of eight bidders, according to the Housing & Development Board (HDB).

The top bid of S$138.9 million came from a joint tender by T G Development and Master Contract Services. The top bid translates to a land price of about S$364 per square foot per plot ratio (psf ppr).

S L (Serangoon) submitted the second-highest bid of S$131 million while Intrepid Investments put in the third-highest bid of S$129.8 million.

The lowest bid was S$119.2 million from the joint tender by Hangzhou Headway Real Estate and Hua Yuan Organisation.

The 99-year site has been earmarked for condominium housing and was launched in September.

The land parcel measures 16,900 sq m and has a maximum gross floor area of 35,490 sq m. It can yield up to 355 housing units.

Research & Advisory at Colliers International director Chia Siew Chuin said: “Reflecting a more cautious outlook, the highest bid is some 10.3 per cent lower than the S$405.53 psf ppr achieved for the nearby Miltonia Residence site that was sold in September.”

Ms Chia added that new home units for development on the site could break even at about S$700 to S$730 psf.

Mr Li Hiaw Ho, executive director of CBRE Research said the site “attracted a fairly strong response”.

“This could be attributed to the healthy take-up of recent new projects in Yishun such as The Miltonia Residences and Eight Courtyards.”

Mr Li noted in July to early-October 2011, caveats were lodged for units in The Miltonia Residences and Eight Courtyards at S$870 psf and S$818 psf respectively.

HDB said it will evaluate the bids and will announce the tender award at a later date.

Source : Channel NewsAsia – 15 Nov 2011

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