A land parcel at the junction of Pasir Ris Drive 1 / Elias Road has received a total of six bids, with a tie-up bid between ChoiceHomes Investments Ltd and CEL Development Ltd offering the highest bid of $89.89 million in a public tender that closed yesterday.
“The top bid of $89.89 million reflects $263 psf per plot ratio and translates to a breakeven cost of $560 psf to $600 psf,” said Joseph Tan, executive director of CBRE Research.
The second highest bid was offered by EL Development Ltd at $89.33 million, or approximately $2,809.24 psm per GFA. Other bidders included a joint bid between Opal Star Ltd and Lum Chang Building Contractors Ltd at $86.08 million; Sunmaster Holdings Ltd. at $82.39 million; and a tie-up between Hoi Hup Realty Ltd, Sunway Developments and SC Wong Holdings at $78.87 million. Ecco Development Ltd. emerged as the lowest bidder with a $61.0 million bid for the 99-year leasehold EC site.
The Pasir Ris site is proposed for executive condominium housing development which can yield up to 320 EC units. It has a total site area of 15,142.2 sq m and a maximum allowable gross floor area of 31,798.62 sq m with a gross plot ratio of 2.1.
“The subject site is situated at Pasir Ris Drive 1/ Elias Road, with Sungei Api Api along its south-eastern boundary. It is about 15 minutes’ walk from White Sands shopping mall and Pasir Ris MRT station/ bus interchange. The Pasir Ris Park and beach are a short drive away,” said Mr. Tan.
“Given that NV Residences – a private condominium – has sold 400 units at the median price of $869 psf since early September, there will be a market for this new EC project if it is priced at a differential of 20% to 25% lower than NV Residences. Demand is likely to come from the first-timers and potential upgraders currently living in Pasir Ris and Tampines new town,” he added.
HDB said it will evaluate the tender bids and announce the final tender results within the next two weeks.