Friday, May 4, 2012

Woodlands executive condo site draws 5 bids


Business Times: Fri, May 04
A STATE tender for a 99-year leasehold executive condo (EC) site at Woodlands Avenue 5/Woodlands Drive 16 has fetched five bids.

Top bidder Hao Yuan Investment, controlled by mainland China parties, offered $247 million or $317.65 per square foot per plot ratio (psf ppr). Its bid was 3.5 per cent higher than the next highest offer of $238.7 million or nearly $307 psf ppr by MCL Land.

When the tender for the site - which is next to the completed La Casa EC development - was launched in March, property consultants polled by BT predicted that the winning bid for the site would be in the $250-330 psf ppr range. One consultant forecast three to five bids for the site. So yesterday's tender outcome was within expectations...
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