Pasir Ris Executive Condominium Site Draws Top Bid of $207M

Executive condominium site at Pasir Ris draws top bid of $207m

An executive condominium (EC) site at the intersection of Pasir Ris Drive 3 and Pasir Ris Rise was keenly contested, fetching a top bid of $207 million, or $331.10 per square foot per plot ratio (psf ppr).

There were 10 bidders in all for the 99-year leasehold plot, the Housing and Development Board (HDB) said after the tender closed yesterday.

Hao Yuan Investment, controlled by mainland China parties, put in the highest offer. This edged out World Class Investments' bid of $206.7 million, or $330.60 psf ppr.

Eugene Lim, key executive officer at ERA Realty, said the latest tender shows that developers continue to be interested in EC sites, and expects the latest plot to have a breakeven price of between $600 and $650 per square foot (psf).

The nearby Watercolours EC has a median price of $719 psf, with 270 of its 416 units sold as of end-October.

Demand from buyers should stay healthy too, Mr Lim said.

"Upgraders chasing condominium lifestyles at more affordable prices will continue to be enticed by ECs," he said.

Mr Lim noted that private developments in the area have also been doing well, citing strong sales at Sea Esta, Ripple Bay and Seastrand.

Other bidders for the site included Frasers Centrepoint's FCL Tampines Court and Keong Hong Construction; Chinese developer Qingjian Realty, as well as a group comprising Evia Real Estate, Ho Lee Group and CNH Investment.

The lowest offer for the land parcel was $169 million, or $270.30 psf ppr, which came from Mezzo Development.

Source: Business Times –23 November 2012