Exec condo site at Pasir Ris draws top bid of $207m

Exec condo site at Pasir Ris draws top bid of $207m

SINGAPORE - An executive condominium (EC) site at the intersection of Pasir Ris Drive 3 and Pasir Ris Rise was keenly contested, fetching a top bid of $207 million, or $331.10 per square foot per plot ratio (psf ppr).

There were 10 bidders in all for the 99-year leasehold plot, the Housing and Development Board (HDB) said after the tender closed yesterday.

Hao Yuan Investment, controlled by mainland China parties, put in the highest offer.

This edged out World Class Investments' bid of $206.7 million, or $330.60 psf ppr.

Ong Teck Hui, Jones Lang LaSalle's national director of research and consultancy, said Hao Yuan's bid was 14 per cent higher than the Watercolours EC site across the road, sold last October.

The top bid exceeded his expectations.

Mr Ong attributed the level of bidding activity to the site's choice location near the beach and other amenities like Pasir Ris Park and Downtown East.

"With 10 bidders it is a pretty keen response compared to most EC sites which typically find four to six interested parties," he said.

"Many buyers like the Pasir Ris location which is seen as part of the popular East Coast market," Mr Ong added.

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