Highest Bid for Punggol Site

Qingdao Construction submits highest bid of S$136m for Punggol site

As published on CNA
23 September 2010

By Jonathan Peeris

SINGAPORE : The Housing and Development Board (HDB) has closed the tender for a residential site at Punggol Drive/Punggol East after receiving four bids.

The highest bid of S$136 million for the site came from Qingdao Construction. That translates to about S$237 per square foot per plot ratio.

The next highest of S$133 million came from joint bidders Hoi Hup Realty, Sunway Developments and SC Wong Holdings.

Li Hiaw Ho, executive director of CBRE Research, said the quantum of the bids is quite modest, which is expected for a location that is lacking in amenities and further away from Punggol Central.

Mr Li added that units in this new executive condominium project will possibly sell around S$600 per square foot.

The land parcel has a site area of 15,700 square metres and a maximum allowable gross floor area of 53,380 square metres.

The proposed site is for executive condominium housing.

With the government's plans to develop Punggol New Town into a residential estate with mostly waterfront housing, CBRE's Mr Li said the project will likely be attractive to young couples and couples with young children.

The site was launched for public tender on August 5 and has a lease period of 99 years.

HDB said it will evaluate the bids and announce the final tender results within the next two
weeks.

- CNA/al