Tag Archives: Capital Development

URA awards Pasir Ris Drive 3 residential site to Capital Development

Posted on 19 Jun 2012 | Comments Off on URA awards Pasir Ris Drive 3 residential site to Capital Development

URA has awarded the tender for the Pasir Ris Drive 3 residential site to Capital Development, which submitted the highest bid of $211 million, or $418.3 psf ppr. Capital Development is the property development arm of privately held Eng Seng Lee Construction Co, which is also the developer of the 530-unit private condo Flo Residence in Punggol.

The 99-year leasehold site in Pasir Ris was launched for sale by public tender from April 16 to June 5, and received five bids. The 240,200 sq ft site has a maximum permissible GFA of 504,500 sq ft and is a short distance away from Pasir Ris Park and Pasir Ris Beach. It is served by the amenities at West Plaza and Elias Mall and a short drive to Pasir Ris MRT station and White Sands shopping mall.

Source: TheEdge – 2012 Jun 19

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Tender for Pasir Ris Drive 3 residential site attracts 5 bids

Posted on 6 Jun 2012 | Comments Off on Tender for Pasir Ris Drive 3 residential site attracts 5 bids

The tender for a residential site at Pasir Ris Drive 3 has closed with five bidders, said the Urban Redevelopment Authority (URA) on Tuesday.

Capital Development submitted the top bid of S$211.0 million.

Singland Development handed in the next highest bid of S$209.9 million, while OUE Reef Development made the third highest bid of S$198.1 million.

The lowest bid of S$156.4 million came from Frasers Centrepoint.

The 22,317.4 square metres site was launched on April 16 and has a lease of 99 years. It has a maximum permissible gross floor area (GFA) of 46,867 square metres.

Joseph Tan, CBRE Executive Director for Residential, said the number of bids submitted and their quantum revealed that developers were cautious about the site due to its lack of a nearby MRT station.

In addition, developers are also expecting potential competition from other sites in Pasir Ris and Tampines.

He said the top bid translates to S$418 per square foot (psf)/ plot ratio and breakeven cost is around S$800 psf. This price hovers in the same range as other recently launched projects like Ripple Bay at Pasir Ris Drive 4 which sold about 500 units at S$880 psf.

Meanwhile, prices of units in The Palette condominium at Pasir Ris Grove averaged S$900 psf.

The URA said it will announce tender award at a later after evaluating the bids.

-Source : CNA – 2012 Jun 6

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