Five bids were received by the Housing and Development Board in the tender for a land parcel at Sengkang Square/Compassvale Drive that closed on Thursday, with the top one from EL Development worth S$383.33 million.
The 99-year leasehold site, which covers 242,164 sq feet with a maximum gross floor area of 726,492 sq ft, is designated for private housing.
EL Development’s bid was some 10.2 per cent and 12.7 per cent above the second and third highest bids, respectively. The top bid works out to about S$528 per sq ft.
Property consultant Colliers International estimated a break-even cost of S$950 to S$980 psf and a selling price of above S$1,100 per sq ft.
Typical three-bedroom units at the adjacent The Luxurie were transacted at S$920 to S$1,100 psf from the beginning of the year until May.
HDB will evaluate the provisional results and award the tender at a later date.
Source : Today – 2012 May 31
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