Pasir Ris site attracts top bid of $151 million

05:55 AM Oct 01, 2010
by Jonathan Peeris

The Housing and Development Board's (HDB) tender for a residential site at Pasir Ris Drive 3 and Drive 4 attracted four bids, with the highest of $151 million from joint bidders FCL Topaz and FE Lakeside.

The 99-year leasehold land parcel has an area of about 20,000 sq m and a maximum gross floor area of some 42,000 sq m. It can yield an estimated 380 dwelling units.

The top bid translates to about $335 per square foot per plot ratio. The next highest bid of $140.69 million was submitted jointly by Hoi Hup Realty, Sunway Developments and SC Wong Holdings.

CBRE Research executive director Li Hiaw Ho said the bids indicated developer optimism about the site, given the strong sales at the recently launched NV Residences at Pasir Ris Drive 1. He said units in the new project would possibly sell for about $800 per sq ft, with demand likely to come from potential upgraders now living in Pasir Ris.

The HDB will announce the tender results within the next two weeks. Jonathan Peeris

Source: http://www.todayonline.com