The tender for an Executive Condominium (EC) land parcel at Choa Chu Kang Drive received eight bids, with Sim Lian Land submitting the highest tender price of $207.4 million.
A consortium comprising Hoi Hup Realty, Sunway Developments and Oriental Worldwide Investments submitted the next highest bid of $202.9 million, while Verwood Holdings and TID Residential jointly bid for the land at around $197 million.
Head of Singapore’s CBRE Research Desmond Sim said, “The number of bids and close winning margin indicate the healthy interest in the EC market, despite current market conditions. This is coupled by the establishment of the vicinity as a matured housing estate with a myriad of amenities. The bid price also reflects the confidence of the developers in the mid to long term for the EC market, bolstered by steady underlying demand.”
The land parcel measures 19,058.0 sq m and is next to Chua Chu Kang Secondary School.
HDB will announce the award of the tender soon.
Image by HDB
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
