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SG Sengkang residential site draws S$262.1m top bid

Property Here - Friday, April 12, 2013

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By Nikki De Guzman:

A 99-year leasehold site (pictured) at Sengkang West Way has attracted a total of eight bids, with Secure Development submitting the highest offer of S$262.1 million or S$5,262 psm.

Launched for sale on 28 February, the 16,603.90 sq m land parcel has a maximum gross floor area (GFA) of 49,811.70 sq m and plot ratio of 3.0. It is slated to be developed into housing units.    

Meanwhile, Bayfront Land offered the second highest bid of S$253.55 million or S$5,090 psm.

“The healthy level of interest among bidders point to developers’ need to replenish their respective land banks,” said Desmond Sim, Associate Director at CBRE Research.

“The number of bids and quantum of bids submitted show that developers remain positive about the residential market. The breakeven cost is estimated to be in the region of about S$900 psf. Developers will be targeting to launch the project at about S$1,000 psf, given that the site is close to the future Seletar Mall and Sengkang Riverside Park.”

 

Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@allproperty.com.sg