The state tender for a condo site at Jalan Lempeng has attracted a total of eight bids, the highest being S$408 million (S$554.35 psf ppr) from Multi Wealth, a wholly-owned subsidiary of Malaysia’s IOI Properties.
“The tender for the private non-landed residential site located on Jalan Lempeng, near the matured public housing estate of Clementi, garnered a healthy interest level from eight participants,” said Chia Siew Chuin, Director of Research & Advisory at Colliers International.
She noted that the top bid was 13 percent and 22.2 percent above the second and third highest bids respectively.
“At a land price of S$554.35 psf ppr, the breakeven cost for new home units at the site is estimated to be in the region of S$950 to S$980 psf,” Chia said.
This “reflects the keen interest of IOI Properties Berhad on the site amid continued cautiousness among other developers.”
The second highest bid, from a partnership involving Russville Pte Ltd, UOL Venture Investments Pte Ltd and S.L. Development Pte Ltd, was S$360.97 million, while the lowest bid was submitted by Soilbuild Group Holdings at S$260.10 million.
Launched for sale by the HDB on 29 November 2011, the land parcel has a total area of 24,417.60 sq m, with a maximum gross floor area (GFA) of 68,369.28 sq m and a gross plot ratio of 2.8. It can yield up to 685 condo units with a leasehold period of 99 years.
“The interest stems from the site’s location, which is also a stone’s throw away from the Clementi MRT station, bus interchange and tertiary educational institutions (e.g. National University of Singapore, the upcoming School of Science & Technology Singapore and Singapore Polytechnic),” added Chia.
The HDB said a decision on the award of the tender will be made at a later date, after all the bids have been evaluated.
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