Developers making bullish bids

A 99-year leasehold private housing site along Fernvale Road in the Sengkang area has fetched 14 bids at a state tender that closed on Tuesday.

The top bid, from a partnership between Sing Development and Wee Hur Development, was S$287.1 million, which works out to S$517.03 per square foot per plot ratio (psf ppr).This was just a tad above the next highest bid of nearly S$287.09 million (S$517.00 psf ppr) by China Construction (South Pacific) Development Co. Recent EC launches include Treasure Crest and Northwave EC while existing ones include The Terrace EC, Brownstone EC, The Vales EC, Parc Life EC , Sol Acres EC, The Visionaire EC,  Bellewoods EC, Signature at Yishun, The Criterion EC, Waterwoods EC, Skypark Residences, Wandervale EC, The Amore EC,  Bellewaters EC.

Mr Nicholas Mak, executive director of SLP International Property Consultants, said this could be the closest price gap in the history of GLS tenders. He attributed it to developers making bullish bids in light of the fierce competition for the land.

Provisional tender results released by the Urban Redevelopment Authority showed that bids were also received from Allgreen Properties, MCL Land, Qingjian Realty, Hong Leong Holdings (jointly with City Developments and TID Residential), Sim Lian Land, Singhaiyi Investments, Chip Eng Seng and Nanshan Group Singapore.

The lowest bid, from Kingsford Property Development, was S$223.23 million (slightly above S$402 psf ppr).

The 1.7 ha site can be developed into an estimated 605 private residences.

executive condo and the land site pic 4