Housing site in Pasir Ris draws 9 bids

Housing site in Pasir Ris draws 9 bids

A plot of land in Pasir Ris for private homes had attracted nine bidders by the time the tender closed yesterday. With the top bid at the higher end of analysts' expectations, there was no sign that developers' enthusiasm for the suburban residential market has waned.

Elitist Development put in the top bid of $165.9 million, or $472 per sq ft per plot ratio (psf ppr).

Analysts had earlier estimated that prices for the 99-year leasehold plot would be pitched between $360 psf ppr and $470 psf ppr.

The 251,036 sq ft site, at the corner of Elias Road and Pasir Ris Drive 3, is zoned for strata landed housing or condominium/flats, and is expected to host about 345 units.

Source: The Straits Times – 12 April 2012