The tender for a residential site at Upper Serangoon Road / Pheng Geck Avenue (Parcel A) was closed yesterday, after attracting a total of 15 bids. The top bid was submitted by Clerodendrum Land Pte Ltd at S$185.17 million, or S$6,106.52 psm of gross floor area (GFA).
“The top bid of S$185.17 million or S$567 psf/plot ratio reflects a breakeven cost of S$900 psf to $950 psf. Between April and July 2011, units in Nin Residence — which has mostly one- and two-bedroom units — were sold by the developer at S$1,000 psf–S$1,400 psf,” said Joseph Tan, Executive Director for Residential at CBRE.
“Sub-sales of 8 @ Woodleigh were sold at between S$980 psf and S$1,330 psf. Going by the current prices of these two projects, a selling price of above S$1,000 psf can be supported for the new project.”
The second highest bid came from Realty Consortium Pte Ltd at S$178.90 million, while Ace Asset Development Pte Ltd was the lowest bidder at S$78.28 million.
Other groups which participated in the public tender are Qingdao Construction (Singapore) Pte Ltd (S$175 million), Hoi Hup Realty Pte Ltd, Sunway Developments Pte Ltd and Oriental Worldwide Investments Inc (S$166.61 million), BBR Property Pte Ltd (S$164 million) and Best Desire Investments Limited (S$161.78).
Launched for sale on 21 June 2011, the 99-year leasehold residential plot has a total area of 8,663.5 sq m and a maximum permissible GFA of 30,323 sq m.
“Future residents in this development will be able to travel to the CBD in 10 minutes. Local conveniences like eateries, grocery and retail shops are within walking distance at Potong Pasir HDB estate and Sennett Estate. St Andrew’s Junior School / Secondary School / Junior College and Cedar Primary School and Cedar Girls’ Secondary School are also situated within the neighbourhood,” Tan added.
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