| |
| |
 |
| |
|
| |
|
| |
|
SINGAPORE : A land parcel at Miltonia Close attracted seven bids when the tender closed on Tuesday.
The highest bid of S$165 million came from Hoi Hup Realty and Sunway Developments, which are jointly pitching for the project.
This translates to S$406 per square foot per plot ratio (psf ppr).
The bid is some 31 per cent higher than the second highest one at S$126 million which was submitted by Master Contract Services.
The remaining bids ranged between S$97.9 million and S$125.3 million.
They came from developers like Allgreen Properties as well as Superport, a unit of MCL Land.
The site was launched by Housing & Development Board (HDB) on July 2.
It spans 27,000 square metres (sqm) and has a maximum gross floor area of 37,800 sqm.
With a 99-year lease term, the land parcel is slated for strata landed housing, condominium housing or flats development.
HDB said the project completion period is 72 months from the date the tender is accepted.
Leonard Tay, director, CBRE Research, said the developer who wins the site will likely develop a five-storey low-rise condominium.
He said: "The top bid of S$165 million or S$406 psf ppr could reflect a breakeven cost of around S$700 to S$750 psf should a low-rise condominium be developed. Condominium units in this new project could possibly sell above S$800 psf."
He added; "For comparison against transactions of other developments in the vicinity from April to August, units in The Estuary, which was launched in April 10, transacted at S$650 to S$850 psf, while those in the 16-year-old Orchid Park Condominium were sold at S$550 to S$700 psf." - CNA/ms
|
