A land parcel at Upper Serangoon View has attracted a total of four bids in a public tender that closed on November 9.
A tie up bid among FCL Topaz Ltd, Far East Civil Engineering Ltd and Sekisui House Ltd emerged as the top bidder, offering $156.8 million for the 99-year leasehold site.
“The four bids submitted for the site showed that interest in this site is moderate. The top bid of $156.8 million or $320 psf ppr is within expectations, reflecting a breakeven cost of around $650 psf to $680 psf,” said Mr. Li Hiaw Ho, Executive Director of CBRE Research.
The second highest bid came from Centurion Re Ltd, offering $152.89 million or around $3,360.12 psf per GFA. This was followed by Ladyhill (Private) Ltd and Grand Isle Holdings Ltd, which offered the lowest bid of $136.4 million or around $2,997.51 psf per GFA.
The land parcel has a total site area of 13,000.3 sq m and has a maximum GFA of 45,501.05 sq m with a gross plot ratio of 3.5. HDB said that it is slated for condominium development and could possibly yield up to 540 condo units.
“The site is situated at Upper Serangoon View, off Upper Serangoon Road, on the fringe of Hougang HDB estate,” said Mr. Li, adding that projects in the area include Evergreen Park condominium, Rio Vista condominium, The Florida executive condominium as well as several HDB flats.
Mr. Li noted that units in the new project could possibly fetch $800 psf to $850 psf. “For comparison, units in Evergreen Park and Rio Vista were sold at between $600 psf and $720 psf in July to September in the resale market,” he said.