A consortium comprising Evia Real Estate, BBR Development, CNH Investment and OKP Land submitted the highest bid of S$272.83 million or S$419 per sq ft on the GFA.
"My EC will look and sell exactly like the condo, right after 5 years...." -- Google PHOTO
According to Desmond Sim, Associate Director at CBRE Research, the relatively stronger response for the Yuan Ching Road site compared to the other two plots may be "because it is the first EC site tender in Jurong West since the withdrawal of a previous tender in the area in July 2010".
The remaining land parcel at Punggol Drive/Edgedale Plains has an area of 259,031 sq ft and a maximum GFA of 880,706 sq ft. It attracted six bids with Peak Square posting the highest offer of S$312.8 million or S$355 per sq ft/GFA.
Considering the large number of existing EC projects in Punggol, developers were cautious and instead submitted bids for the Yuan Ching site, said Sim.
He added that the simultaneous closing of tenders has not affected developers' appetite for sites, mainly due to the positive outlook for EC market demand going forward.