Toppish price may send inadvertent signal to restart confirmed list sales
EVEN as the dust settles on Hong Leong Group’s top bid at last week’s tender for a 99-year condo site at Chestnut Avenue, a discussion in some circles now centres on whether Hong Leong overpaid for the site.
As expected, Housing & Development Board said yesterday evening it has awarded the site to Sunny Vista Developments (a subsidiary of City Developments) and Hong Realty.
The two companies are part of the Hong Leong Group and teamed up to place the top bid of $143.68 million, which works out to a much-higher-than-expected land cost of $280 psf per plot ratio (psf ppr).
Some rival developers believe Hong Leong’s breakeven cost may be around the $600 psf mark and its projected average selling price near the $700 Continue reading
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