A land parcel at Tampines Avenue 8 has attracted a total of six bids, with a joint bid between Hoi Hup Realty Ltd, Sunway Developments Ltd and SC Wong Holdings Ltd offering the highest bid of $187.59 million, in a public tender that closed yesterday.
“The site attracted six bids which shows that developers are fairly confident about this site,” said Mr. Li Hiaw Ho, executive director at CBRE Research, who added that the top bid of $187.59 million reflects a $302 psf/plot ratio and translates to a breakeven cost of $600 psf to $620 psf.
The second highest bid came from a joint bid between Opal Star Ltd and Lum Chang Building Contractors Ltd, offering $172.80 million for the site. This was followed by Grand Isle Holdings Ltd, EL Development Ltd, NTUC Choice Homes Co-operative Ltd, and Sim Lian Land, which offered the lowest bid of $141.68 million for the 99-year leasehold site.
The land parcel has a total site area of 20,600 sq m and a maximum gross floor area of 57,680 sq m with a gross plot ratio of 2.8. It is proposed for executive condominium housing and could potentially yield up to 525 condo units.
“The subject site is within walking distance of Bedok Reservoir and Temasek Polytechnic,” said Mr. Li. He noted that the site is just 5 to 10 minutes drive from Tampines Central and Tampines MRT station, with shopping facilities like Giant, Courts and IKEA located nearby.
“Couples who have grown up in Tampines and Bedok HDB Estates with their parents and are looking to set up a new home are likely to be interested in this project,” said Mr. Li.
HDB said it will evaluate the tender bids and will announce the final tender results within the next two weeks.