The tender for a 99-year leasehold residential site at Jalan Loyang Besar / Pasir Ris Rise has received a total of 13 bids.
Hoi Hup Realty Pte Ltd, Sunway Developments Pte Ltd and Oriental Worldwide Investments Inc jointly submitted the highest offer at S$140.96 million.
A consortium comprising UOL Venture Investments Pte Ltd, S.L. Development Pte Limited and Russville Pte Ltd offered the second highest bid at S$138.80 million, while Seletar View Pte Ltd was the lowest bidder at S$80 million.
“The top bid of S$140.96 million or S$361 psf/plot ratio is about 10 percent lower than the adjacent site, which was sold in May 2011 at S$246.1 million or S$402 psf/plot ratio. It will translate to a break-even cost of S$720 to S$750 psf,” said Li Hiaw Ho, Executive Director at CBRE Research.
Chia Siew Chuin, Director of Research & Advisory at Colliers International, noted that the highest bid came amid very close competition.
“The keen interest could be spurred by the continued strong latent buying demand of mass market homes experienced by developers, where primary sales activities and price increase of private non-landed homes in Outside Central Region (OCR) led the market in recent months,” she added.
Launched for sale on 25 August, the residential land parcel has a total area of 17,274.2 sq m and a maximum gross floor area (GFA) of 36,276 sq m.
The Urban Redevelopment Authority (URA) will announce its decision on the award after evaluating the bids.
Meanwhile, the URA announced that it will put up an industrial land parcel at Gambas Avenue / Gambas Crescent for sale through a public tender in two weeks’ time.
The 60-year leasehold site was made available for sale through the reserve list system on 24 June.
According to the URA, the tender was launched after an unnamed developer committed to bid at least S$57 million for the site.
Zoned for Business 1 development, the Gambas Avenue site has a total area of 21,426.8 sq m and a maximum gross plot ratio (GPR) of 2.5.
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