MCL Land (Brighton) has emerged as the highest bidder for two adjoining executive condominium (EC) plots in Choa Chu Kang Grove, submitting $232.5 million for Parcel A and $210.1 million for Parcel B.
Launched for tender on 16 December 2013, Parcel A has an area of 16,455 sq m and a gross floor area (GFA) of 57,592.50 sq m, while Parcel B measures 16,453.60 sq m, with a GFA of 57,587.60 sq m. Offered on 99-year leases, both sites could yield 575 housing units.
Parcel A, which enjoys more frontages and is more regular-shaped, received seven bids, while Parcel B attracted four bids.
“Seasoned players once again used the opportunity to replenish their land banks. The top bid of $339 psf for Parcel B was 10 percent lower than the $375 psf bid for Parcel A, reflecting Parcel A’s premium over Parcel B,” said Desmond Sim, Head, CBRE Research Singapore.
Sim added that “it is difficult to assess if the batched tender moderated bids because of the price ceiling inherent in the EC market which limits the pool of buyers.”
The award of the tender will be decided by HDB after all the bids have been evaluated.
Image: Map showing the location of Parcel A. (Source: HDB)
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
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