The tender for a 99-year leasehold residential site at Punggol Central / Edgedale Plains was officially closed yesterday, with a total of five bids received.
Qingjian Realty (South Pacific) Group Pte Ltd submitted the highest bid of S$215.87 million.
“The top bid of S$215.87 million or S$330 psf/plot ratio translates to a breakeven cost of around S$700 psf. This is just marginally higher than the S$323 psf/plot ratio paid for a similar condominium site a street away, in September 2011,” said Li Hiaw Ho, Executive Director of CBRE Research.
Soilbuild Group Holdings Ltd offered the second highest bid at S$203.89 million, while Opal Star Pte Ltd’s and Lum Chang Building Contractors Pte Ltd’s joint submission was the lowest at S$189.89 million.
Other groups which participated in the tender are Sunmaster Holdings Pte Ltd (S$203.20 million) and CEL Development Pte Ltd (S$201.47 million).
“The spread of the five bids from S$290 psf/plot ratio to S$330 psf/plot ratio shows that developers were more measured in bidding for this site knowing that there is an upcoming supply of around 1,500 private apartments and 700 executive condominiums in Punggol New Town. Moreover, demand for mass market homes may slow down in view of uncertainties in the economy,” added Li.
Launched for tender on 15 September 2011, the land parcel has a total area of 20,256.1 sq m and a maximum GFA of 60,768.30 sq m. It is proposed for condominium development that could potentially yield some 610 dwelling units.
The HDB said the decision on the tender award will be made after all the bids have been evaluated.
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