Buangkok site gets $247m top bid

Published 3 June 2011
The Business Times
By Emilyn Yap

THE tender for a 99-year leasehold residential site at Buangkok Drive/Sengkang East Drive closed yesterday with just four bidders in the fray.

Buangkok site gets $247m top bidQingdao Construction (Singapore) submitted the top bid of $247 million or $391 per square foot per plot ratio (psf ppr).

The bid is within market expectations and is just 3 per cent above the next highest bid of $239.8 million or $380 psf ppr, which came from a tie-up between Lum Chang Building Contractors and a unit of Frasers Centrepoint.

A Centurion Properties unit and Best Desire Investments also took part in the tender. Best Desire, which is not incorporated in Singapore, put in the lowest bid of $145.2 million or $230 psf ppr.

The site is near Kangkar LRT Station but is some distance away from Buangkok MRT Station. It is next to Austville Residences, an executive condominium project launched early this year.

The ‘moderate tender response and bids’ reflect the plot’s location in the ‘less busy part’ of Sengkang and Upper Serangoon, said Credo Real Estate executive director Ong Teck Hui.

With a maximum gross floor area of around 631,300 sq ft, the site can yield an estimated 550 units.

CB Richard Ellis executive director Li Hiaw Ho expects the project’s breakeven cost to be around $760-$780 psf.

Credo’s Mr Ong expects the project to have an average selling price of around $800-850 psf.

Caveats lodged with the authorities show that at The Quartz nearby, units changed hands at $837-963 psf between April and May. At H2O Residences at Sengkang West Avenue/Fernvale Link, units went for $916-$1,020 psf in May.

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