The Tender for a private condominium land parcel in Tampines for about 600 homes was closed with three bidders. The winning bid for the Tampines Avenue 10 site was secured at around $418 per sq ft per plot ratio
The winning bid at $252.8 million was from a consortium comprising of a unit of Far East Organization, a unit of Frasers Centrepoint, and Sekisui House.
This 99-year leasehold site has a maximum GFA of 56,200 sq m.
The bidding for this land site was affected by a nearby site on the reserve list, which could be triggered for tender in the near future.
The drawbacks of this land parcel is that it is not centrally which was another factor for the muted response for the tender.
Analysts noted that the bids signal that developers feel that demand for homes in the area is healthy although it does not have the same attributes as an adjacent site at Waterview, with a reservoir view, had attracted eight bidders and a winning bid of $421 psf ppr.
The merits of this land parcel is that it is near to Bedok Reservoir Park and schools in the area, and being located in a mature town providing the necessary HDB upgraders market.
Analysts expect selling prices to be between $950 psf and $1,000 psf.
A spokesman for the consortium with the top bid said that “The partners will develop a condominium comprising 670 units spread over eight 15-storey blocks.”
19 May 2012