Wednesday, May 30, 2012

Boon Lay Way residential site attracts 12 bidders

Straits Times: Wed, May 30
A RESIDENTIAL site about five minutes' walk from Jurong East MRT station has attracted 12 bids.

The top three bids, closely clustered together, all exceeded an expert's expectations.

The 1.2ha site in Boon Lay Way is in the heart of the upcoming Jurong Lake District, which is set to be the largest hub outside the city centre.

The tender for the 99-year leasehold plot closed yesterday.

MCL Land submitted the top bid of $369.4 million, or $705.10 per sq ft per plot ratio (psf ppr).

EL Development's bid was just a shade lower at $369.1 million, or $704.55 psf ppr.

The third highest bid, jointly submitted by Sing Holdings and Maxdin, was close behind at $369 million, or $704.38 psf ppr.

The lowest bid for the land - from Vantage Properties - came in at $251 million, or $479.12 psf ppr.

Property consultant Nicholas Mak earlier said that he expected healthy interest, with bids from $324 million to $356 million.

Mr Mak, head of research at SLP International Property Consultancy, yesterday noted that the highest bid is 'only 0.08 per cent higher than the second highest bid'...
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Team Marshe
Martin Koh/ Sherry Tang
9383-3992/ 9844-4400

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