Friday, March 30, 2012

Exec condo site in Punggol attracts healthy interest

Business Times: Fri, Mar 30
IN a sign that developers' interest in executive condominiums (ECs) is still strong, a 99-year leasehold EC site at Punggol Central/Edgefield Plains yesterday received a top bid of $136.7 million, or $319.69 per square foot per plot ratio (psf ppr).

The top bid, which beat nine others, was put up by Chinese firm Qingjian Realty (South Pacific) Group, which in November last year trumped four other developers with its $330 psf ppr bid for a 99-year leasehold residential site along Punggol Central.

That it was a closely-contested tender, with the top three bids in close range of just 4.1 per cent, shows that there is continued keen interest for EC sites and the increasingly popular Punggol address, said Chia Siew Chuin, Colliers International's director of research & advisory.

The second highest bid of $131.8 million, or $308.23 psf ppr, came from City Developments Limited's Sunmaster Holdings.

A joint bid by BBR Development, BPK Development and Ryobi Kiso Holdings' subsidiary Ryobi Development came in third at $131.37 million, or $307.22 psf ppr...

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Martin Koh/ Sherry Tang
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