Punggol EC site awarded

As published in The Straits Times
17 June 2010 (Thursday)
THE Housing Board has awarded the Punggol site for Executive Condominium housing to ChoiceHomes Investments and CEL Development, which jointly submitted the top bid of $223.7 million.

The winning firm is a joint venture between NTUC Choice Homes Co-operative and Chip Eng Seng, which plans to develop the 99-year leasehold site at the junction of Punggol Field and Punggol Road into a 17-storey, 600-unit project with full condo facilities. Its tender bid works out to $308 per sq ft per plot ratio (psf ppr) for the 22,497 sqm site.

Five bidders made a play for the site near Punggol MRT station, after it was triggered for sale with a minimum offer price of $147.7 million.

NTUC Choice Homes will hold a 60 per cent interest through its subsidiary Choicehomes Investments while Chip Eng Seng unit CEL Development will hold 40 per cent.

Their winning bid is about 50 per cent higher than the trigger bid of $147.7 million and about 4 per cent above the second highest bid of $296.3 psf ppr from Hoi Hup Realty and Sunway Developments.

China-based Qindao Construction was next with $280.5 psf ppr.

The Punggol site is the fourth EC tender this year. The previous three had attracted seven to seven to 11 bids.

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