Wednesday, April 4, 2012

Kheng Leong tops bids for Fernvale EC site

Business Times: Wed, Apr 04
A 99-year leasehold executive condominium site at Fernvale Lane yesterday drew a top bid of $245 million, or $295.60 per square foot per plot ratio (psf ppr).

The top bid, which was put up by Peak Living, a subsidiary of Kheng Leong Group, beat three others.

The second highest offer of $290.03 psf ppr was a joint bid by Frasers Centrepoint's FCL Tampines Court and Keong Hong Construction. EL Development and City Developments' Sunmaster Holdings bid $284.86 psf ppr and $280.52 psf ppr respectively.

While the top bid is 'within expectations', tender participation is 'rather lacklustre', said Credo Real Estate executive director, Ong Teck Hui, citing the lack of an MRT station and amenities in the vicinity as possible factors...

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