Hougang residential site gets highest bid of S$160m
By Jonathan Peeris | Posted: 17 September 2010 1935 hrs
SINGAPORE : The Housing and Development Board (HDB) has closed the tender for a residential site at Hougang Avenue 7 after receiving 6 bids.
The highest bid of S$160 million came from Sim Lian Land. That translates to about S$340 per square foot per plot ratio.
The next highest bid was S$156 million from joint bidders Hoi Hup Realty, Sunway Developments and SC Wong Holdings.
Li Hiaw Ho, Executive Director of CBRE Research said: "The six bids submitted for the site showed that developers are interested in this site. However, as the top bid is only 50 per cent higher that the last bid, it shows that developers are cautious and less bullish about the residential market going forward."
Mr Li added that units in this new project will possibly sell for between S$800 and S$850 per square foot.
The land parcel has a site area of 15,630 square metres and a maximum gross floor area of almost 44,000 square metres.
The site was launched for public tender on August 5 and has a lease period of 99 years.
HDB said it will evaluate the tender bids and announce the final tender results within the next two weeks. - CNA /ls
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