Friday, April 13, 2012

Surprise top bid for Pasir Ris site

Business Times: Thu, Apr 12
ANALYSTS were surprised by the "bullish" top bid of $472 per square foot per plot ratio (psf ppr) for a 251,036 square feet site located at Elias Road/Pasir Ris Drive 3.


Put up by Elitist Development, a company linked to Sin Soon Lee and whose sole shareholder is Lim Tiong Joo, the top bid was 19.3 per cent higher than the next bid, put up by OUE Reef Development, at $395.5 psf ppr.


The site's proximity to amenities like Elias Mall and Pasir Ris Park, its location next to a landed housing estate, and "the sustained strong performance of the OCR (Outside Central Region) market and a sanguine market outlook" could have contributed to the top bidder being more bullish on eventual launch price than the rest, said Credo Real Estate executive director, Ong Teck Hui.


Analysts had expected the top bid to be between $360 and $470 psf ppr when the site, which is zoned for strata landed housing or condominium units, was launched in February...

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