The tender for an executive condominium (EC) site located at the junction of Yishun Avenue 7 and Canberra Drive was closed on Tuesday, with a total of eight bids received.
According to the Housing and Development Board (HDB), MCC Land (Singapore) Pte Ltd submitted the top bid of S$213.78 million (S$293 psf ppr).
Ms Chia Siew Chuin, Director of Research & Advisory at Colliers International, said the top bid is “the highest unit land price achieved for an EC site in second half of 2011, particularly after market sentiments have been rocked by the debt crisis in the Western countries”.
“This is spurred by the increase in the qualifying monthly household income ceiling for ECs from S$10,000 to S$12,000 in August 2011. With the policy change, a larger group of interested buyers of EC units who were previously not qualified to purchase as their combined household income exceeds S$10,000, would now qualify.”
The second highest offer came from Sunmaster Holdings Pte Ltd at S$197.50 million, while Ho Lee Group Pte Ltd & Maxdin Pte Ltd were the lowest bidders at S$146.87 million.
Launched on 25 August 2011, the EC land parcel has a total area of 27,153.5 sq m and a lease period of 99 years. It has a maximum GFA of 67,883.75 sq m and can potentially yield about 725 housing units.
“The subject site is located at the junction of Yishun Avenue 7 and Canberra Drive, on the northern fringe of Yishun New Town,” said Li Hiaw Ho, Executive Director of CBRE Research.
“Private housing estates nearby include Eight Courtyards (under construction), Yishun Emerald, Yishun Sapphire and Sembawang Springs landed estate. Sembawang Shopping Centre is nearby while Northpoint shopping mall is a short drive away.”
Meanwhile, the Urban Redevelopment Authority (URA) awarded the tender for a residential site at Flora Drive to Realty Consortium Ltd after it offered the highest bid of S$163 million (S$3,887.52 psm) in a state tender that closed on 19 October 2011.
With a lease period of 99 years, the site has a total area of 29,949 sq m and a maximum gross floor area (GFA) of 41,929 sq m. It is surrounded by various condominiums, including Ferraria Park, Edelweiss Park, Hedges Park, Dhalia Park and The Gale.
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