Source: The Business Times, November 28, 2007
EL Development plans to build a 200-unit mass market condominium on the Woodlands site it won in a government tender, the company’s managing director Lim Yew Soon told BT yesterday.
The project, which will be launched in the third quarter of 2008, is expected to sell for about $600-$650 per square foot (psf), Mr Lim said.
EL Development, which is fully owned by Evan Lim & Co Pte Ltd, trumped seven other bidders for the 99-year leasehold residential site at Woodlands Avenue 2/Rosewood Drive after a government tender closed earlier this month.
The company’s bid was $56 million or $232 psf per plot ratio.
The Singapore Land Authority (SLA) yesterday announced that it is awarding the site to EL Development.
The 172,200 sq ft site has a 1.4 plot ratio, giving it a maximum gross floor area of 241,100 sq ft.
Mr Lim said that the project will consist of mostly 2-bedroom and 3-bedroom apartments. Prices, he said, will be kept ‘affordable’ to target the HDB-upgrader market.
‘We believe that the project will be for HDB upgraders and younger families,’ he said. The company will try to manage the construction costs as it is also a contractor, Mr Lim said.
EL Development also has two other residential sites in its landbank for launch soon - one along Devonshire Road and the other on Kampung Java Road. Both projects will be high-end developments and will be launched in the first quarter of next year, Mr Lim said. Prices for the two sites have not yet been fixed, he said.
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