03 Jun '11, 5am

PropertyNews Sengkang site receives top bid of S$247m: PropertyGuru.com.sg : The tender for a 99-year leasehold

Jun 3, 2011 - PropertyGuru.com.sg Share | | E-mail to friend | Bookmark & Share The tender for a 99-year leasehold site at Buangkok Drive / Sengkang East Drive closed yesterday, with Qingdao Construction (Singapore) Pte Ltd offering the highest bid of S$247 million. “The top bid of S$247.0 million or S$391 psf/plot ratio is within market expectations,” said Mr. Li Hiaw Ho, Executive Director of CB Richard Ellis (CBRE). “A new project will breakeven at S$760 psf – S$780 psf. Currently, units in H2O Residences at Sengkang West Avenue / Fernvale Link are being marketed at the median price of S$940 psf. Some 330 units of this 521-unit condominium have been sold to date.” Meanwhile, the second highest bid was jointly submitted by Opal Star Pte Ltd and Lum Chang Building Contractors Pte Ltd at S$239.8 million. Other groups which participated in the tender were Centurion Re Pte L...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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