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Kheng Leong tops bids for Fernvale EC site
The top bid, which was put up by Peak Living, a subsidiary of Kheng Leong Group, beat the second highest offer of $290.03 psf ppr put up by Frasers Centrepoint's FCL Tampines Court and Keong Hong Construction. EL Development and City Developments' Sunmaster Holdings bid $284.86 psf ppr and $280.52 psf ppr respectively for the site.
Analysts noted that the bid was lackluster, citing the lack of MRT and amenities within the vicinity as possible factors for the conservative bidding value. Some suggested that a nearby land parcel zoned for B2 industrial use could also have given rise to the conservative bidding value.
Overall, analysts expect the breakeven price to be within the range of $550 to $660 psf and the target selling price will be between $670 - $720 psf. The subject site has a land area of 236,804 sq ft and a plot ratio of 3.5, which translates to a gross floor area of 828,816 sq ft.
Source: Business Times – 4 April 2012
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