Wednesday, September 10, 2008

Tender Closed On Site At New Upper Changi Road; Top Bid Hits S$282 PSF

Source : Channel NewsAsia, 09 September 2008

The URA has closed the tender on a residential site along New Upper Changi Road, with the highest bid coming in at S$84 million from TID.

This translates to S$282 per square foot (psf) per plot ratio, said CB Richard Ellis.

The 9,875.5 square metre site attracted seven bidders.

CB Richard Ellis said the high number of bidders showed that developers still have an appetite for favourable sites even in the current depressed market.

Based on the highest bid, the consultancy estimates that the break even price for the location could be S$700 to S$750 psf. This translates to a potential sale price range of S$800 to S$850 psf.

Comparable developments in the area, such at the Waterfront Waves condominium near Bedok Reservoir, is going for S$800 psf on the resale market. - CNA/vm

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