There are only two bids received for the residential site at Enggor Street (Land Parcel A).
Bishan Properties submitted the higher bid for Land Parcel A at S$233.8 million. This works out to S$9,200 per square metre of gross floor area or S$852 per square foot per plot ratio. The other bid for S$151 million came from First Capital Holdings.
Property consultants CB Richard Ellis said the bids reflect a more cautious mood among developers, partly caused by the recent move to withdraw the deferred payment scheme for property purchases.
The land parcel sits on 3,000 square metres and can be built up to over 25,000 square metres.
The successful developer can allocate the first storey for commercial use.
CB Richard Ellis expects a breakeven price of around S$1,300 per square foot.-CNA/ls
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