Ho Bee, Choice Homes JV puts in top bid for Dakota Crescent site
By Loh Kim Chin, Channel NewsAsia | Posted: 12 June 2007 1945 hrs
SINGAPORE : A tie-up between Ho Bee Investment and Choice Homes Investments has put in a top bid of nearly S$229 million for the tender of a land parcel at Dakota Crescent.
The bid was just S$7 million ahead of the second highest bidder, and nearly double the reserve price.
It works out to $524 per square foot per plot ratio.
The tender exercise, carried out by the Housing & Development Board, attracted 15 bids.
The lowest bid for the 11,600 square metre site was S$142 million.
CB Richard Ellis (CBRE) says the optimistic bids reflect the confidence of developers in mid-tier residential projects in fringe areas.
It cites the examples of one-north residences at Buona Vista and Sky@Eleven at Thomson.
CBRE says the bid will translate into a breakeven price of about $900 per square foot for the future condominium project to be built on the site. - CNA /ls