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Woodlands EC Site Gets Top Bid of S$247 million


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by Ernie B. Calucag

 

A tender for an executive condominium site at Woodlands has fetched five bids, the Housing and Development Board announced Thursday.

The top bid came from Hao Yuan Investment in the amount of S$247.0 million or S$317.65 per square foot per plot ratio.

“The top bid for the subject site reflects a breakeven cost of S$630 psf to S$650 psf. It is likely that the new project will be priced around S$700 psf,” said Li Hiaw Ho, Executive Director at CBRE Research.

He added that the new executive condominium project at the site can expect a good response as competition in the near future will be limited.

“The latest new private condominium project in Woodlands new town is Parc Rosewood, which was launched in January 2012 and is currently 90 per cent sold. Besides this, there are no other new private housing projects in the vicinity,” Li said.

The subject site is located in the heart of Woodlands new town, at Woodlands Avenue 5/ Woodlands Drive 16. It is a short drive from Woodlands MRT station and Causeway Point shopping mall.

Other bidders at the tender included MCL Land, EL Development and White Haven Properties. The lowest bid of about S$186.8 million was from a partnership between FCL Place Pte Ltd and Maxdin Pte Ltd.