Developer Sim Lian Land placed the top bid of S$302 million for the residential site at Tampines Avenue 1 & Avenue 10.
The tender for the 3.2 hectare site with a lease of 99 years attracted a total of eight bids.
The second highest bid of nearly S$288.99 million came from a joint venture of Far East Organisation and Frasers Centrepoint.
That’s followed by MCL Land’s bid of about S$278.3 million.
According to the Urban Redevelopment Authority, the remaining bids range between S$168 million and S$252 million.
Real Estate consultancy CB Richard Ellis said the tender for the condominium site further demonstrates developers’ interest in the mass market segment.
It added that the top bid of S$302 million translates to S$421 per square foot per plot ratio.
Based on that, CBRE said the new project will break-even at around S$700 psf.
It expects the homes to be priced around S$700 to S$850 psf or higher, comparable to projects in the Bedok Reservoir area.
The tender will be awarded after the bids have been evaluated.
Source : Channel NewsAsia – 16 Mar 2010