Bishan site sold to Capitaland

The land site beside Sky Habitat was sold to Capitaland for $505 million as the highest bidder for the prime Bishan site.

This works out to $853 psf ppr for the 11,227 sq metre site at Bishan Street 14. In total, there were 9 bidders for this land site.

The second highest bidder was from SingLand Homes, UOL Venture Investments and Orix Investment and Management with a bid of $490.1 million which is 2.9% lower or $828 psf ppr. The close highest and second highest bid reflect the developers confidence in the property market and are ready to bid high in the current market.

Also notable are the other bidders which include MCL Land, Frasers Centrepoint, Far East Organization who are all formidable property developers.

Seven developers bided higher than $700 psf ppr. The bidders were aware that unless they placed a high bid, the chances of securing this prime suburban site is very low. 

Based on the winning bid, the estimated breakeven price worked out to be in the range of  $1,350 to $1,400 psf. The selling price could be close to Sky Habitat’s selling price of $1700 psf as they are both from CapitaLand majority joint venture and the respective land cost are quite close too.

The winner plans to develop it into a condominium of about 700 units to be launched in the second half of 2013.

Both developments are envisioned by the developers to offer the owners a chic lifestyle living at the popular Bishan town.

30 Nov 2012