Friday, March 2, 2012

Top bid of $141.5m for Upper Serangoon site

Straits Times: Fri, Mar 02
AN EXECUTIVE condominium (EC) site in Upper Serangoon View has attracted a top bid of $141.5 million in a seven-way contest that drove prices well above expectations.

The robust bidding for the 133,388 sq ft site reflects the confidence developers have over the EC market, experts said.

The top bid of $303 per sq ft (psf) per plot ratio (ppr) was submitted by a tie-up between Ho Lee Group and Evia Real Estate Management.

Market watchers had tipped a range of $225 to $275 psf ppr.

The top offer was 7 per cent higher than the second-placed bid of $132.1 million, or $283 psf ppr, from EL Development.

Peak Living, a subsidiary of Kheng Leong Group, came in third with $119.1 million or $255 psf ppr.

Other bidders for the site, which can yield an expected 435 units, included Mezzo Development, Qingjian Realty (South Pacific) Group, Elitist Development and Frasers Centrepoint, with the lowest bid of $93.4 million, or $200 psf ppr...

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