Top bid for EC site next to Tampines Trilliant

An executive condominium (EC) plot next to the Tampines Trilliant project yesterday received a top bid of $233.5 million, or $373.40 per square foot per plot ratio (psf ppr), the second highest land price for an EC site since land sales resumed in 2010.

The joint bid, which was put up by Singxpress Property Development, Amara Holdings' Creative Investments and Kay Lim Realty, was 4.9 per cent lower than the $392.45 psf ppr the Tampines Trilliant site achieved in April last year.

The bullish bids were likely spurred by several locational attributes. For instance, the site is in close proximity to established educational institutions including Temasek Polytechnic, United World College of South East Asia and ITE College East. It is also within 10 to 15 minutes' walking distance from the Tampines Regional Centre.

With an estimated break-even cost of about $680-$700 psf, the completed EC could possibly sell from $800 psf.

The Tampines Trilliant is currently selling at prices of about $750 psf to $850 psf for three-bedroom units, said Colliers International.

The 99-year leasehold site has an area of 223,356.3 sq ft. Based on a gross plot ratio of 2.8, this translates to a maximum gross floor area of 625,397.7 sq ft. It can yield up to an estimated 580 housing units.

Sim Lian Land put up a bid of $222.3 million ($355.43 psf ppr), followed by EL Development's bid of $220.1 million ($351.94 psf ppr). City Developments unit White Haven Properties offered $220 million ($351.78 psf ppr) while MCL Land offered the lowest bid, at $215.5 million ($394.58 psf ppr).

The site, when launched in March alongside three other residential plots released under the government land sales programme (including a reserve list site), was unanimously chosen as the hottest of the four plots by property consultants polled.

Predictions on the winning bid had ranged widely, at $280-$420 psf ppr. As many as 10 to 13 bids were expected for this plot.

Source: Business Times – 11 May 2012