Thursday, March 8, 2012

Little-known firm makes top bid for Hillview site

Straits Times: Wed, Mar 07
A LITTLE-KNOWN company owned by three Chinese nationals has trumped six rival developers to lodge the highest bid for a high-rise condominium site in Hillview Avenue.

Kingsford Development tendered $243.2 million, or $638 per sq ft per plot ratio (psf ppr), for the 136,148 sq ft site - well ahead of the predicted range of $500 to $550 psf ppr.

The firm is owned by Cui Shaoyu, Cui Zhengfeng and Gao Xiuhua, but their personal details are not available.

Kingsford's bid was 18.6 per cent ahead of second-placed Flamegold, a unit of UOL Group that offered $205.1 million, or $538 psf ppr.

The margin between the top two bids is the biggest since February last year when the tender for the condominium site at Bishan Street 14 was concluded.

Industry watchers say the optimism behind the top bid could be based on the strong sales of The Hillier, a project that sold in the same area in April last year.

Mr Ong Teck Hui, Credo Real Estate's head of research and consultancy, said the offer 'seems to be benchmarked against The Hillier's land price of $673 psf ppr'.

However, he noted that The Hillier's price takes into account 'a 15 per cent commercial element' in contrast to the current site, which is purely residential.

The 99-year leasehold plot in Hillview Avenue can yield about 370 homes...

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Martin Koh/ Sherry Tang
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