25 Mar '14, 4am

EL Dev tops bids for Yishun condo site, Singapore Property News, Singapore Property Guides

EL Dev tops bids for Yishun condo site, Singapore Property News, Singapore Property Guides

EL Development trumped four other bids for a Yishun Avenue 9 site with its offer of $278.8 million. This works out to around $450.06 per sq ft per plot ratio, exceeding consultants' expectations of $380-$431 psf ppr. According to OrangeTee research, this marks "a historical high" for a residential non-landed government land sales site in Yishun, excluding mixed development". It beat the previous historical record for a Yishun site of $405.53 psf ppr in August 2010, where The Miltonia Residences condominium is now being built. But Ong Teck Hui, the national director for research and consultancy at Jones Lang LaSalle, found the winning bid "modest" and the lowest for an Outside Central Region site, since the sale of the Vue 8 Residence parcel at $418 psf ppr in June 2012. The tender response was also "mediocre", he said. It fell on the lower end of the four to eight bids exp...

Full article: http://www.stproperty.sg/articles-property/singapore-prop...

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