The Housing and Development Board (HDB) has awarded the tender for an executive condominium (EC) site (pictured) at Punggol Central to Qingjian Realty (South Pacific) Group Pte Ltd, after it offered the highest bid of S$136.7 million in a public tender that closed yesterday.
“The top bid for the subject site, S$136.7 million or S$320 psf ppr reflects a breakeven cost of S$650 psf to S$680 psf. It is likely that the new project will be priced around S$750 psf,” noted Li Hiaw Ho, Executive Director at CBRE.
Situated at the intersection of Punggol Central and Edgefield Plains, the site has a total land area of 13,241.8 sq m with a maximum gross floor area (GFA) of 39,725.4 sq m and a gross plot ratio of 3.0. The 99-year leasehold project could potentially generate up to 395 units with a maximum building height of 64m.
Li said the site is “within 10 minutes’ walk to Punggol MRT station and the upcoming Watertown and Waterway Point shopping mall. Its immediate neighbour is Edgefield Primary School.”
He added that demand for ECs are expected to remain healthy this year given the government’s move to relax the market by raising the household income ceiling and allowing second-timers to acquire ECs without having to pay a resale levy.
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