Boon Lay Way/Lakeside Drive Residential Site Attracts 2 Bids

Source : Channel NewsAsia, 12 December 2007

The tender for the residential site at Boon Lay Way and Lakeside Drive has attracted two bids.

The top offer of S$205 million came from Frasers Centrepoint, and it works out to S$248 per square foot per plot (psf/plot) ratio. This is 25.9 per cent above the S$197 psf/plot ratio paid for the site at The Lakeshore five years ago.

CB Richard Ellis believes a project built on the 240,000 square foot site will have a breakeven price of about S$600 per square foot.

The property consultant adds that the future condominium project is likely to sell for up to S$800 per square foot.

The other bid of S$191 million came from First Capital.

The Urban Redevelopment Authority says a decision on the award of the tender will be made after the bids have been evaluated. - CNA/ac