A residential site for private homes in Woodlands has fetched a top bid of $152 million in a subdued three-cornered contest among developers. This came as the Housing Board kept up its drive to boost flat offerings this year by releasing a new site for design, build and sell scheme (DBSS) flats yesterday. Experts say a move to lift the number of build-to-order HDB flats launched this year to 25,000 would have weighed on developers' minds as it could siphon demand away from the private market. The lukewarm interest from developers, however, was due more to the site's 'average' attributes, they added. A joint venture between Fragrance Group and Aspial Corp put in the top bid for the site at the junction of Woodlands Avenue2 and Rosewood Drive. The bid worked out to $367 per sq ft (psf) per plot ratio (ppr). Second-placed Far East Organization and Sekisui House were just 1 per cent behind with a bid of $150 million - or $363 psf ppr. EL Development was third with a $120 million bid, or $291 psf ppr. The 99-year leasehold land parcel has a maximum gross floor area of 38,333 sq m and can accommodate a five-storey condo with about 390 units. Ms Chia Siew Chuin, director of research and advisory at Colliers International, said competition from existing and upcoming projects in the vicinity could have contributed to the tepid response. These include the newly completed Rosewood Suites as well as Far East Organization's new project Woodhaven at the junction of Woodlands Avenue 1 and Rosewood Drive. Mr Ong Teck Hui, Credo Real Estate's head of research and consultancy, noted that the site's top bid is still 10 per cent higher than that for Far East's site - which was tendered with a winning bid of $333 psf ppr in November last year - suggesting firm suburban residential land prices.
- The Straits Times, P24
No comments:
Post a Comment