by Ernie B. Calucag
A 99-year leasehold condo plot at Tampines Avenue 10 has drawn three bids at a state tender, the Urban Redevelopment Authority said Thursday.
The joint venture of Far East Organization, Frasers Centrepoint and Sekisui House lodged the top bid of about S$252.78 million, which works out to S$417.86 per square foot per plot ratio (psf ppr).
The two other bidders were EL Development with S$242.1-million bid and White Haven Properties with a bid of S$172.9 million.
The subject site is located on the western boundary of Tampines new town, about five minutes’ drive to the Tampines retail park where the hypermarts Giant, Ikea and Courts are located. The Temasek Polytechnic and United World College of South East Asia are situated closeby.
“As the site’s location is more challenging, it attracted only three bids. The top bid of S$252.78 million reflects a breakeven cost of S$800 psf to S$820 psf. It is likely that the new project will be priced around S$900 psf,” said Li Hiaw Ho, Executive Director at CBRE.
Private estates in its neighbourhood include Arc At Tampines executive condominium and Waterview, both of which are under construction. Units in Waterview were sold between S$840 psf and S$910 psf in the February to April period.