Woodsville Close site expected to attract bids of up to S$45m

Posted: 05 June 2007 2214 hrs

SINGAPORE: A residential site at Woodsville Close may attract bids of up to S$385 per square foot per plot ratio, or S$45 million in all.

CB Richard Ellis expects a condominium to be built on the 99-year leasehold site to sell for S$750 per square foot.

This is because the site is within walking distance of the Potong Pasir MRT station.

The Urban Redevelopment Authority will launch the tender for the 3,900 square metre site in about two weeks.

The move comes after a developer committed to bid of at least S$30 million for the residential site.

The land parcel has a plot ratio of 2.8 times and can yield over 10,800 square metres.

The tender for another site at Bishan Street 22 and Street 25 released by the HDB closed on Tuesday, attracting seven bids.

The top bid of S$310 million came from Sim Lian Land.

CBRE says the bid works out to S$375 per square foot per plot ratio and reflects a breakeven cost of up to S$680 per square foot.

The property consultant expects the developer to launch the project at around S$750 per square foot. - CNA/yy