The public tender for a residential site at Bedok Reservoir Road has attracted a total of eight bids, with United Venture Development Ltd offering the highest bid of S$320 million.
“The response of eight bids to the residential site at Bedok Reservoir Road showed that developers are keen on the site,” said Li Hiaw Ho, Executive Director at CB Richard Ellis (CBRE Research). “The top bid of S$320.0 million or S$465 psf ppr translates to a breakeven cost of around S$800 psf. It is likely that a new residential project on this site can fetch around S$900 psf.”
The second highest bid came from a joint bid between FCL Topaz Ltd, Sekisui House Ltd and Far East Civil Engineering (Pte.) Ltd at S$312 million, followed by Best Desire Investments Ltd, which offered the third highest bid of S$292.54 million.
Other bidders include First Changi Development, Allgreen Properties, Sunmaster Holdings, Leng Hoe Development and Mezzo Development, which emerged as the 99-year leasehold site’s lowest bidder at S$201 million.
The land parcel has a total area of 45,622.9 sq m and maximum permissible gross floor area (GFA) of 63,873 sq m. It was the first residential site launched for sale through the confirmed list of the government’s 1H2011 GLS programme.
The site is located at the north-western end of Bedok New Town, with a fairly good view of Bedok Reservoir. It is also within walking distance to the future Bedok Town Park MRT station of Downtown Line 3, which is scheduled to be completed in 2017, said Mr. Li.
“Schools, food courts, a supermarket and other amenities are available nearby. The site is designated for a five-storey condominium development,” he said.
The Urban Redevelopment Authority (URA) said it will still evaluate the tender result and a decision on the award will be made at a later date.