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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