Boutique developer Sim Lian Land has beaten six other bidders to put in the highest offer for a condominium site in Bishan Street 22.
It offered $310 million for the 99-year leasehold site, which has an area of 235,897 sq ft. This works out to $375 per sq ft per plot ratio (psf ppr), which means the break even cost would be $650 to $680 psf ppr, estimated CBRE Research executive director Li Hiaw Ho.
Meanwhile, an unnamed developer has committed to bid at least $30 million for a land plot in Woodsville Close in Potong Pasir.
The 40,903 sq ft, 99-year leasehold residential site will be put on the market by the Government in about two weeks’ time.
Property consultants estimated that bids for the site could come in at between $32.7 million and $45 million. This would work out to between $280 and $385 psf ppr.
A project with about 90 to 100 units can be built on the site, said Mr Nicholas Mak, director of research and consultancy at Knight Frank.
Source: The Straits Times, 06 June 2007
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