A total of three bids were submitted for a 99-year leasehold residential site (pictured) at Punggol Way/Punggol Walk, with Qingjian Realty (South Pacific) Group submitting the highest offer of S$189.87 million or S$314 psf ppr.
Slated for the development of around 560 executive condominium (EC) units, the 18,747.8 sq m land parcel was launched for public tender by the Housing and Development Board (HDB) on 23 July.
According to Chia Siew Chuin, Director of Research & Advisory at Colliers International, the low number of bids received for the site is due to its location, which is some distance away from the MRT station.
However, the three developers “remain optimistic about the residential market’s potential and are attracted to the increasingly popular Punggol address”, said Chia, adding that the top two bids had a small difference of one percent, with the highest offer being 16.3 percent more than the S$270 psf ppr paid for the nearby Twin Waterfalls EC site in July last year.
“With an estimated break-even cost of about S$600 psf to S$650 psf, the completed EC could possibly (be) priced at S$750 psf and above, on average,” she added.
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