Sembawang EC site draws top bid of $211.9m
A
99-YEAR leasehold executive condominium (EC) site at the junction of Sembawang
Crescent and Sembawang Drive has received a top bid of $211.9 million, or
$323.76 per square foot per plot ratio (psf ppr).
The
top bid came from boutique property developer JBE Holdings, which beat seven
other bidders.
It
reflected the developer's confidence in the attractiveness of ECs in far-flung
Sembawang, where another EC, One Canberra is located.
"Luxury"
EC units in the news lately for the prices they commanded, such as the $1.77
million penthouse unit in Heron Bay in Upper Serangoon and the $1.61 million
double-storey penthouse in One Canberra.
Last
month, National Development Minister Khaw Boon Wan took to his blog
"Housing Matters" to remind developers to stay within the spirit of
the concept of this class of housing.
The
developer could aim to launch the project at between $720 and $730 psf.
There
are only two other new EC projects in the Yishun-Sembawang area - The Canopy
(406 units) is fully sold; 1 Canberra (665 units) is half sold.
Up
to October this year, some 3,500 EC units in the seven projects launched in the
year had been sold. The total volume of EC units sold is expected to hit a
record 4,000 by the end of the year.
The
second highest bid for the site came from Frasers Centrepoint unit FCL Place
and Hytech Builders; it was for $210.1 million, or $321.00 psf ppr.
Chip
Eng Seng's CEL Property put up a bid of $201.4 million, or $307.66 psf ppr;
Bellevue Properties, a subsidiary of City Developments Limited, offered $193
million, or $294.85 psf ppr.
The
lowest bid was from Mezzo Development, at $184.0 million, or $281.10 psf ppr.
The
233,775 sq ft site has maximum gross floor area of 654,569 sq ft and can yield
about 650 units.
Source: Business Times –14
December 2012
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