Boon Lay Way land parcel attracts top bid of S$369 million

The tender for the residential site at Boon Lay Way has attracted 12 bids, the Urban Redevelopment Authority said.

MCL Land placed the highest bid of about S$369.4 million.

This translates to a tendered sale price of about S$7,590 per square metre of gross floor area.

URA said the other bids for the 99-year leasehold site ranged between S$369.1 million and S$251.0 million.

Colliers International said the top bid of S$369.4 million works out to about S$705 per square foot per plot ratio.

It is the second highest unit land price achieved for a private non-landed residential site in 2012 after the S$881 achieved by the 96,423-sq ft site located at Jervois Road in February 2012.

Colliers added that based on a land cost at S$705 per square foot per plot ratio, the break-even cost is likely to be in the region of S$1,200 per square foot.

In addition, it said the response by developers showed that a well-located site surrounded by amenities would still bring in much interest.

Meanwhile, CBRE said the number and the quantum of the bids reflected developers’ confidence that there will be a strong demand for private housing in this location.

The land parcel spans 11,588 square metres and has a maximum permissible gross floor area of 48,670 square metres.

It is located in Jurong Lake District, which is earmarked to be Singapore’s largest regional hub outside the city centre.

The regional hub will comprise a mix of residential, office, retail, hotel, entertainment, food and beverage options.

URA said a decision on the award of the tender would be made after the bids have been evaluated.

Source : CNA – 2012 May 30

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