http://www.todayonline.com/business/...1m-top-bid-cel
Property
Yishun mixed-use site receives S$212.1m top bid from CEL
26 January
SINGAPORE — The tender for a mixed commercial and private housing site in Yishun Ring Road/Yishun Avenue 9 garnered 13 bids at the close yesterday, with CEL Property putting in the top bid of S$212.1 million, the Housing and Development Board (HDB) said yesterday.
The site occupies about 95,350 sq ft of land, with a maximum gross floor area of 266,980 sq ft, and can yield about 160 dwelling units.
CEL’s bid translates to about S$794 per sq ft per plot ratio and is comparable to the last mixed-use site at Jelebu Road/Petir Road, which was sold to Sim Lian in December 2011 for S$805 psf ppr, said Mr Lee Sze Teck, Senior Manager at DWG. He added: “The top bid could have been even higher if not for the cooling measures introduced by the Government on Jan 11.
“The site saw healthy interest from developers because of scarcity of such land which will have transport, retail and residential components. Private condominium developments in Yishun like The Estuary, The Miltonia Residences and Skies Miltonia, which are further from the Yishun MRT Station, have sold well.
“The development, which will be connected to buses and the MRT station, is expected to do well, judging from the take-up of Bedok Residences — another integrated transport, retail and residential development.”
The estimated break-even price for the residential development is between S$1,100 and S$1,150 psf, while the estimated selling price is from S$1,300 to S$1,350 psf, Mr Lee said.
The HDB will award the tender at a later date.
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