$247m top bid for Buangkok Drive/Sengkang East Drive site

By The Folks @PropTalk - June 2, 2011 No Comments

A total of four bids, according to provisional results, were received by the Housing & Development Board (HDB) in the tender for a land parcel at the junction of Buangkok Drive and Sengkang East Drive.

Buangkok Sengkang site

The site, which has a gross floor area of over 58,000 square metres, is planned for condominium housing development.

The top bid came from Qingdao Construction at $247 million, or $391psf ppr.

This was ahead of the next bid from Opal Star by about $7 million.

The lowest bid was $145 million from Best Desire.

The site can be developed into a condominium development of around 20 storeys with 550 units.

CB Richard Ellis executive director Li Hiaw Ho said: "The top bid of $247 million or $391 psf/plot ratio is within market expectations. A new project will breakeven at $760 psf to $780 psf."

He added that currently "units in H2O Residences at Sengkang West Avenue/Fernvale Link are being marketed at the median price of $940psf and some 330 units of this 521-unit condominium have been sold to date."
Source: Channel News Asia

To give you a better idea of where the site is located, it is next door to Austville Residences - an EC project that was launched in Jan 2011. On our map, the Austville plot is immediately to the left of the subject site.


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