EC site attracts 16 bids

The tender for three executive condominium housing development sites closed on Tuesday with the land parcel at Yuan Ching Road drawing a whopping 16 bids.

SINGAPORE: The tender for three executive condominium housing development sites closed on Tuesday with the land parcel at Yuan Ching Road drawing a whopping 16 bids.

This is the highest number of bids for an executive condominium (EC) site in 16 years.

Analysts Channel NewsAsia spoke to said the Boon Lay drive EC site drew 19 bids back in 1997.

Analysts said the site at Yuan Ching Road is very popular because it is the first EC site tender in Jurong West since the withdrawal of a previous tender in the area in July 2010.

The site also faces the picturesque Jurong Lake and Chinese Garden.

Meanwhile, the land parcels at Punggol Central and Punggol Drive drew eight and six bids respectively.

The top bid for the Yuan Ching Road site came from a consortium comprising Evia Real estate, BBR development Pte Ltd, CNH Investment Private Limited and OKP Land Pte Ltd.

Their bid came in at S$272.84 million or S$419 per square foot per plot ratio.

This was 1.8 per cent higher than the second highest bidder Greatview Development Pte Ltd., which put in a bid of S$267.9 million.

The top bid for the Punggol Central site came from Master Contract Services Pte Ltd / Keong Hong Construction Pte Ltd at S$156 million or S$356 per square foot per plot ratio.

This is 1.3 per cent higher than the bid put in by second bidder, Greatview Development Pte Ltd, at S$153.9 million.

The site with the least bids, Punggol Drive saw the highest bid coming from Peak Square Pte Ltd at S$312.8 million or S$355 per square foot per plot ratio.

The bid is 2.5 per cent higher than the second highest bid that came from Kingsford Developments at S$305.2 million.

Analysts said developers are conscious of the high concentration of existing EC projects in Punggol that are in the pipeline, hence less bids for the land parcels in this area.

The lease terms for all three land parcels are 99 years.

The site area for Punggol Central is 13,564.8 square metre, Punggol Drive at 24,064.8 square metre, and Yuan Ching Road at 20,187.7 square metre.

A decision on the award of the tender will be made at a later date after the bids have been evaluated.

- CNA/fa

PROPERTY LAUNCHES & INVESTMENTS

Property Launches & Investments

EC site attracts 16 bids

The tender for three executive condominium housing development sites closed on Tuesday with the land parcel at Yuan Ching Road drawing a whopping 16 bids.

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