A total of nine bidders have contested a state tender for a residential site in Pasir Ris (pictured), with Elitist Development offering the highest bid of S$165.89 million, which works out to around S$472 psf ppr.
“The nine bids garnered by the site show developers’ keen interest in the residential market,” said Li Hiaw Ho, Executive Director at CBRE.
He noted that the top bid was fairly bullish, as it was 19 percent above the second highest bid, which was submitted by OUE Reef Development at S$139 million.
Located at the junction of Pasir Ris Drive 3 and Elias Road, the 99-year leasehold site has a total area of 23,322.0 sq m, a maximum gross floor area (GFA) of 32,650.8 sq m, and a gross plot ratio of 1.4. It is proposed for strata landed housing or condominium development and could generate up to 345 housing units.
“The new condominium may be priced about S$900 psf,” added Li.
Other bidders for the site were Singland Development, Strategic Developments, Frasers Centrepoint, EL Development, First Changi Development, a joint bid from Capital Development and Qinghe, and Santarli Corporation, which offered the lowest bid of S$108.98 million.
Launched for sale on 15 February 2012, the land parcel is situated within the vicinity of Pasir Ris MRT station and White Sands shopping mall.
“The site is surrounded by the landed homes of Riverina estate and Pasir Ris Heights. The Elias Mall and Pasir Ris Community Centre are just across the road from the site,” Li said.
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