Friday, November 9, 2012

Sengkang EC site attracts S$135 million top bid

SINGAPORE - A tender for an Executive Condominium site at Sengkang West Way/Fernvale Link attracted six bids by the close on Thursday, with the top bid of S$135 million coming from Verspring Properties, a unit of property giant City Developments.

The site has a land area of 151,780 sq ft and with a plot ratio of 3.0, it can be developed into 455,339 sq ft of maximum permissible gross floor area to yield an estimated 420 housing units. The top bid translates to S$296.48 per sq ft per plot ratio.

Mr Lee Sze Teck, Senior Manager of Training, Research and Consultancy at DWG, said the top bid was in line with that for an EC site along Fernvale Lane, which was sold to Peak Living for S$296 psfppr in April.

The best bid is a razor-thin 0.1 per cent higher than the second best. The difference of 0.1 per cent or $148,000 is probably the tightest spread ever seen in tenders for EC sites, Mr Lee said.

The estimated breakeven price is between S$560 and S$610 psf while the estimated selling price is around S$670 to S$720 psf, he added.

Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
Senior Sales Director
DTZ Debenham Tie Leung (SEA) Pte Ltd (L3006301G)

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