A land parcel located at the junction of Pasir Ris Drive 3 / Drive 4 has received a total of four bids in a public tender that closed yesterday. The highest bid of $151.38 million was offered in a joint bid between FCL Topaz Ltd and F.E. Lakeside Ltd.
“The top bid of $151.38 million reflects $335 psf ppr and translates to a breakeven cost of $650 psf to $680 psf,” said Li Hiaw Ho, executive director of CBRE Research, adding that “units in this new residential project will possibly sell for about $800 psf.”
The second highest bid came from a tie-up bid between Hoi Hup Realty Ltd, Sunway Developments Ltd and SC Wong Holdings Pte Ltd, offering $140.69 million or approximately $3,349.75 psm/gross floor area.
Allgreen Properties Ltd came next with $131.89 million bid while Meadows Investment Ltd emerged as the lowest bidder, offering $106 million for the 99-year leasehold site.
The Pasir Ris site is proposed for condominium housing development which can yield up to 380 condo units. It has a total site area of 20,000.1 sq m and a maximum allowable gross floor area of 42,000.21 sq m with a gross plot ratio of 2.1.
“The subject site is situated at Pasir Ris Drive 3 / Drive 4, on the northern fringe of Pasir Ris New Town. It is about 10 minutes’ walk from Downtown East and NTUC Lifestyle World. White Sands shopping mall and Pasir Ris MRT station / bus interchange are a short drive away. The Pasir Ris Park and beach are also within walking distance away,” said Mr. Li.
Mr. Li noted that demand for the new condominium project is likely to come from “potential upgraders currently living in Pasir Ris and Tampines new towns, as well as people who are employed at Changi International Airport, Pasir Ris Wafer Fab Park and Tampines North Wafer Fab Park.”
HDB said it will evaluate the tender bids and announce the final tender results within the next two weeks.