Real News‎ > ‎2012‎ > ‎November 2012‎ > ‎

23 November 2012

23rd November, Friday




Exec condo site at Pasir Ris draws top bid of $207m

Source: Business Times

An executive condominium (EC) site at the intersection of Pasir Ris Drive 3 and Pasir Ris Rise was keenly contested, fetching a top bid of $207 million, or $331.10 per sq ft per plot ratio (psf ppr).

There were 10 bidders in all for the 99-year leasehold plot, the Housing and Development Board (HDB) said after the tender closed Thursday.

Hao Yuan Investment, controlled by mainland China parties, put in the highest offer. This edged out World Class Investments' bid of $206.7 million, or $330.60 psf ppr.

An analyst said Hao Yuan's bid was 14 per cent higher than the Watercolours EC site across the road, sold last October. The top bid exceeded his expectations. He attributed the level of bidding activity to the site's choice location near the beach and other amenities like Pasir Ris Park and Downtown East.

Another analyst said the latest tender shows that developers continue to be interested in EC sites, and expects the latest plot to have a breakeven price of between $600 and $650 per sq ft (psf).

Other bidders for the site included Frasers Centrepoint's FCL Tampines Court and Keong Hong Construction; Chinese developer Qingjian Realty, as well as a group comprising Evia Real Estate, Ho Lee Group and CNH Investment.

The lowest offer for the land parcel was $169 million, or $270.30 psf ppr, which came from Mezzo Development.


Links to the story:$207m-bid