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SG Woodlands residential site draws $216m top bid

Property Here - Friday, May 10, 2013

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By Shabnam Muzammil:

An executive condominium (EC) site at the junction of Woodlands Avenue 5 and 6 received a total of seven bids when HDB closed its tender yesterday.

The 99-year leasehold plot attracted a top offer of S$216 million or S$341.21 psf ppr from Qingjian Realty (South Pacific) Group. This was followed by Bellevue Properties with a bid of S$198 million or S$312.77 psf ppr.

“The bid price of S$216 million or S$341 psf ppr is higher than the previous bids of nearby plots - S$318 psf ppr and S$302 psf ppr, last year. The relatively higher bid reflects developers’ renewed confidence in the area following the government’s announcement on Woodlands as Singapore’s new commercial hub in the land-use plan in January 2013,” said Desmond Sim, Associate Director at CBRE Research.

“We expect interest in the next few EC plots this year to remain strong as there is a genuine need and demand for ECs. Developers are still positive about the EC market,” he added.



Shabnam Muzammil, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email shabnam@allproperty.com.sg