Billion Rise - a company believed to be linked to Hong Kong property giant Cheung Kong Holdings - has put in the top bid of S$110.4 million for a residential site at West Coast Crescent.
This works out to S$305 per square foot per plot ratio for the 99-year leasehold parcel. Analysts expect a break-even price of between S$680 and S$720 per square foot for a new condominium on the site. The units are expected to be marketed at around S$800 per square foot.
The next highest offer of S$108.9 million came from Tian Hock Properties, and the lowest bid was S$50 million from Scantech Development.
All in, the Urban Redevelopment Authority received 12 offers for the land parcel.
Consultant CB Richard Ellis said the strong response signals developers' confidence in the suburban segment despite the current lukewarm response to new projects.
Consultant Knight Frank expects the new condominium to yield about 300 units.
It believes the high level of interest for the site is because it is close to schools and has a good view of Clementi Park, West Coast Park and the sea.
The site spans 12,000 square metres and has a maximum permissible gross floor area of 33,600 square metres. This means that the proposed condominium could be built up to about 36 storeys.
The winner of the award is expected to be announced after the bids have been reviewed. - CNA/ms
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