A total of four bids, according to provisional results, were received by the Housing and Development Board in the tender for a land parcel at the junction of Buangkok Drive and Sengkang East Drive.
The site, which has a gross floor area of over 58,000 sq m, is planned for condominium housing development.
The top bid came from Qingdao Construction at S$247 million or S$391 psf/plot ratio.
This was ahead of the next bid from Opal Star by about S$7 million. The lowest bid was S$145 million from Best Desire.
The site can be developed into a condominium development of around 20 storeys with 550 units.
“The top bid is within market expectations. A new project will break even at S$760 psf – S$780 psf. Currently, units in H2O Residences at Sengkang West Avenue/Fernvale Link are being marketed at the median price of S$940 psf.
“Some 330 units of this 521-unit condominium have been sold to date,” said Mr Li Hiaw Ho, executive director, CB Richard Ellis.
Source : Today – 3 Jun 2011
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