Frasers Centrepoint puts in highest bid for Woodlsville close site
Frasers Centrepoint has put in the highest bid for a residential site at Woodsville Close.
It submitted a bid of $50.7 million for the 3,870 square metre leasehold site.
The bid is close to $4 million higher than the next highest bid submitted by Eastpoint Development.
Altogether the Urban redevelopment Authority said it received 8 bids.
It will announce the winning bid at a later date.
The site can yield a maximum gross floor area of about 10,800 square metres
The Land Parcel is located at the doorstep of Potong Pasir MRT Station.
CBRE Research said the top bid is close to 70 per cent above the reserve price of $30 million.
Its Director, Leonard Tay, said the price will translate into a breakeven price of about$ 750 to $800 per square foot.
He said apartment units built on the site would likely be sought-after by HDB upgraders in the Bishan, Toa Payoh and Kallang/Whampoa areas.
With an increase of 4.2 per cent in overall HDB resale prices in the past six months, more HDB households would be poised to upgrade to this conveniently located private development.
Based on information released yesterday by HDB, the average cash-over-valuation for resale flats in the Central area (which includes Bishan, Toa Payoh and Kallang/ Whampoa) range among the highest island-wide from $13,900 to $33,600.
This, Mr Tay, said would provide greater incentive for HDB households in these nearby estates to make the transition to private property.