The tender for a 99-year leasehold residential site (pictured) at Pasir Ris Drive 3 has attracted five bids, with Capital Development Ltd offering the top bid of S$211.0 million.
This works out to around S$418 psf and reflects a breakeven cost of approximately S$800 psf.
“The five bids submitted and the quantum of the bids show that developers are cautious about the site because there is no MRT station nearby. In addition, there will be potential competition from other sites in Pasir Ris and Tampines,” said Joseph Tan, Executive Director for Residential at CBRE.
The second highest bid was S$209.9 million offered by Singland Development, followed by OUE Reef Development at S$198.1 million. The lowest bid of S$156.4 million came from Frasers Centrepoint.
Launched for sale on 16 April 2012, the site has a total area of 22,317.4 sq m with a maximum permissible gross floor area (GFA) of 46,867 sq m.
“The residential site at Pasir Ris Drive 3 is on the northern boundary of Pasir Ris new town, near Pasir Ris Wafer Fab Park. The Pasir Ris Park, PA Pasir Ris Holiday Complex and Pasir Ris Beach are a short walk away,” noted Tan. “Amenities are available at West Plaza and Elias Mall. The Pasir Ris MRT station and White Sands shopping mall are a short drive away.”
The Urban Redevelopment Authority (URA) said a decision on the award will be made after all the bids have been evaluated.
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