22 Feb '16, 2pm

New: Singapore Property News This Week #248

A 99-year leasehold site situated at Hougang/ Yio Chu Kang area attracted 10 bids in a recently closed tender. The site was won by Hoi Hup Realty with a winning bid of $183.8 million or $331.02 psf ppr. The breakeven cost is estimated to be slightly above $700 psf and the targeted selling price will be close to $800 psf on average, said market experts. Last year, when the plot was launched, property consultants had predicted that the winning bid would be in the range of $260 to $340 psf ppr. Market experts also predicted that there would be 5 to 14 bids. The plot is projected to be developed into 560 units. Of these units, about 70% will be three-bedroom apartments, 15% will be four-bedroom apartments and the rest will either be two- or five-bedroom apartments. According to Ong Kah Seng from R’ST Research, the results of this tender do not reflect that developers are becom...

Full article: https://www.propwise.sg/singapore-property-news-this-week...

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