An executive condominium (EC) site at Choa Chu Kang Drive has attracted a total of six bids, with Camborne Developments Ltd submitting the highest bid of S$170.1 million.
“The top bid of S$170.1 million reflects S$321 psf ppr and translates to a breakeven cost of around S$650 psf,” said Li Hiaw Ho, Executive Director of CBRE Research.
The second highest bid for the site came from a tie-up bid between FCL Tampines Court Ltd and Keong Hong Construction Ltd, offering S$159.04 million. This was followed by Qingdao Construction (Singapore), Mequity (Hillview) Ltd, Wee Hur Development and Mezzo Development, which emerged as the lowest bidder at S$117.16 million.
The site was made available for sale on 21 January under the government’s 1H2011 GLS programme. It has a total site area of 17,589.8 sq m and a maximum permissible gross floor area (GFA) of 49,251.44 sq m, with a gross plot ratio of 2.8. HDB said the 99-year leasehold EC site can yield up to 490 housing units.
“It is likely that the new EC project can fetch around $700 psf on the average, a differential from the price of private condominiums to take into consideration the eligibility conditions attached to EC projects,” said Mr. Li.
“The subject site is situated at Choa Chu Kang Drive, adjacent to Mi Casa condominium which is currently under construction. It is just a few minutes’ walk from Choa Chu Kang MRT station and Lot 1 shopping mall.”
The site is also within the Choa Chu Kang HDB estate; The Warren and Northvale are private estates in its neighbourhood. Amenities located in the area include Choa Chu Kang Stadium, Choa Chu Kang Library, Choa Chu Kang Swimming Complex, Choa Chu Kang Park and Choa Chu Kang Sports Hall & Tennis Centre.
HDB said it will still evaluate the submitted bids and will announce the final tender results at a later date.