Monday, May 13, 2013

Woodlands residential site draws $216m top bid

An executive condominium (EC) site at the junction of Woodlands Avenue 5 and 6 received a total of seven bids when HDB closed its tender yesterday.

The 99-year leasehold plot attracted a top offer of S$216 million or S$341.21 psf ppr from Qingjian Realty (South Pacific) Group. This was followed by Bellevue Properties with a bid of S$198 million or S$312.77 psf ppr.

“The bid price of S$216 million or S$341 psf ppr is higher than the previous bids of nearby plots - S$318 psf ppr and S$302 psf ppr, last year. The relatively higher bid reflects developers’ renewed confidence in the area following the government’s announcement on Woodlands as Singapore’s new commercial hub in the land-use plan in January 2013,” said Desmond Sim, Associate Director at CBRE Research.

“We expect interest in the next few EC plots this year to remain strong as there is a genuine need and demand for ECs. Developers are still positive about the EC market,” he added.

Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C

Senior Sales Director
DTZ Property Network Pte Ltd (L3007960A)

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