The tender for a 99-year leasehold site at Woodlands Avenue 2 / Rosewood Drive has attracted a total of three bids, with Fragrance Group Limited and Aspial Corporation Ltd offering the highest bid of S$151.5 million, or S$367 psf ppr.
“The top bid of S$151.5 million or S$367 psf ppr is within market expectations. A new project will breakeven at S$700 – S$730 psf,” said Mr. Li Hiaw Ho, Executive Director at CB Richard Ellis (CBRE).
The second highest bid came from a joint bid between Far East Civil Engineering and Sekisui House Ltd, offering S$149.8 million for the site. The lowest bid of S$120 million was submitted by EL Development Ltd.
Zoned for residential development, the site has a total area of 27,380.2 sq m and a maximum permissible gross floor area (GFA) of 38,333 sq m. It is estimated to fetch around 390 housing units.
The site is opposite the Singapore Sports School and Innova Junior College, said Mr. Li, adding that it is “adjacent to Rosewood Suites condominium, which just received TOP in April 2011.”
“Other private residential estates in the neighbourhood include Casablanca and Rosewood condominiums and the landed homes of Woodgrove estate. The Singapore American School is a short drive away. Presently, there is a fairly big cluster of expatriates living in this area.”
The Urban Redevelopment Authority (URA) said that it will evaluate the tender results and a decision on the award will be announced at a later date.
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