HDB receives 4 bids for Upper Serangoon View condo site
Posted: 09 November 2010 1741 hrs
SINGAPORE : The Housing and Development Board (HDB) has received four bids for the land parcel at Upper Serangoon View at the close of the tender on Tuesday.
The site has an area of 13,000 square metres and is meant for condominium housing.
The highest bid came from joint bidders FCL Topaz, Far East Civil Engineering and Sekisui House.
They submitted a bid of S$156.8 million, followed by Centurion Re at around S$152.9 million and Ladyhill with a bid of S$147.8 million.
Grand Isle Holdings placed the lowest bid of about S$136.4 million.
The state land parcel has a maximum gross floor area of 45,501 square metres, and can house an estimated 540 dwelling units.
The site was launched for public tender on September 22 and has a lease period of 99 years.
Li Hiaw Ho, executive director, CBRE Research, said the four bids submitted for the site showed that interest in it was moderate.
He added: "The top bid of S$156.8 million or S$320 psf/plot ratio is within expectations, reflecting a breakeven cost of around S$650 psf - S$680 psf.
"Units in this new project could possibly sell at S$800 psf - S$850 psf. For comparison, units in Evergreen Park and Rio Vista (within the neighbourhood) were sold at between S$600 psf and S$720 psf in July to September in the resale market."
HDB said it will evaluate the bids and announce the final tender results within the next two weeks.
- CNA/al