The Housing & Development Board (HDB) closed the tender for a residential land parcel at Punggol Field Walk yesterday, after receiving a total of eight bids. The top offer was jointly submitted by Capital Development Pte Ltd and ZACD Investments Pte Ltd at S$169.56 million.
“The top bid of S$169.56 million or S$323 psf/plot ratio reflects a breakeven cost of about S$700 psf,” said Li Hiaw Ho, Executive Director of CB Richard Ellis.
“For comparison, the site of a condominium project at Punggol Way/Punggol Central was sold at S$406 psf/ plot ratio in February 2011.”
FCL Topaz Pte Ltd, Far East Civil Engineering Pte Limited and Sekisui House, Ltd jointly offered the second highest bid at S$163 million, while Wee Hur Development Pte Ltd was the lowest bidder at S$126 million.
Other groups that participated in the public tender include Leng Hoe Development Pte Ltd (S$161.80 million), Allgreen Properties Limited (S$160.08 million), EL Development Pte Ltd (S$142 million), Heeton Capital Pte Ltd (S$140.80 million) and Intrepid Investments Pte Ltd (S$120.74 million).
Zoned for condominium housing, the 99-year leasehold site has a total area of 14,344.0 sq m and a maximum gross floor area (GFA) of 48,769.6 sq m. It has a maximum building height of 64m above mean sea level and can yield about 550 housing units.
HDB will announce the winning bidder at a later date.
To contact the journalist, you may send your message to editor@propertyguru.com.sg