HDB has received 5 bids in the latest land tender for a site located at Sengkang Square/Compassvale Drive. It is earmarked for private residential development with an approximate site area of 238,808 square feet and an approximate GFA of 761,188 square feet.
EL Development was the top bidder with a tender price of S$383 million which is equivalent to $528 psf. This bid price is about 5.2% higher than The Luxirie site which is the adjacent land parcel acquired by Keppel Land, which worked out to about $502 psf then.
The second highest bid price is about 10% lower from EL Development's. The estimated breakeven cost may be between $950 to $980 psf while the selling price is projected to be in the range exceeding $1,100 psf.
Since the launch of The Luxurie in Q1 of 2012, the average selling price for a 3 bedroom apartment was in the range of $920 to $1,110 psf.
As this site is located near to MRT station, developers were confident in the prospect for this mass-market housing site by the bid quantum received for this tender.
1 June 2012