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Highest Bid for Punggol Site

Qingdao Construction submits highest bid of S$136m for Punggol site

As published on CNA
23 September 2010

By Jonathan Peeris

SINGAPORE : The Housing and Development Board (HDB) has closed the tender for a residential site at Punggol Drive/Punggol East after receiving four bids.

The highest bid of S$136 million for the site came from Qingdao Construction. That translates to about S$237 per square foot per plot ratio.

The next highest of S$133 million came from joint bidders Hoi Hup Realty, Sunway Developments and SC Wong Holdings.

Li Hiaw Ho, executive director of CBRE Research, said the quantum of the bids is quite modest, which is expected for a location that is lacking in amenities and further away from Punggol Central.

Mr Li added that units in this new executive condominium project will possibly sell around S$600 per square foot.

The land parcel has a site area of 15,700 square metres and a maximum allowable gross floor area of 53,380 square metres.

The proposed site is for executive condominium housing.

With the government's plans to develop Punggol New Town into a residential estate with mostly waterfront housing, CBRE's Mr Li said the project will likely be attractive to young couples and couples with young children.

The site was launched for public tender on August 5 and has a lease period of 99 years.

HDB said it will evaluate the bids and announce the final tender results within the next two
weeks.


- CNA/al

Comments

IPage Telecom said…
Thanks for your update. Can you update any other new places coming for condos in punggol.

DEV

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Punggol BTO Project Details

BTO ProjectBlock No.Release DateCompletion DateNo. of UnitsInitial Launch PriceEdgedale Green632A-C, 633A-B, 635A-C, 636A-BDec 2002Dec 2006582$141,000 - $170,000Periwinkle195A-EDec 2002Dec 2006450$152,000 - $183,000Sundial167A-D, 168A-D, 169A-DSep 2003Sep 2007425$138,000 - $178,000Punggol Anthias
(cancelled)612A-D, 613A-DDec 2004-134$101,000 - $185,000Coralinus 1301A-C, 303A-CJun 2005Jun 2009369$169,000 - $206,000Coralinus 2301D, 303D, 302A-DFeb 2006Feb 2010365$182,000 - $220,000Treelodge305A-D, 306A-DMar 2007Mar 201198$139,000 - $383,000Punggol Vista601A-D, 602A-CAug 2007Aug 2011105$75,000 - $227,000Punggol Lodge603A-D, 604A-COct 2007Oct 201152$122,000 - $234,000Damai Grove
(Punggol Anthias)612A-D, 613A-DDec 2007Dec 201162$123,000 - $240,000Punggol Spring614A-B, 615A-CFeb 2008Feb 2012476$204,000 - $259,000