Woodlands EC site receives low bids at close of tender

SINGAPORE: A land parcel for an executive condominium (EC) development attracted relatively large number of responses at the close of the tender on Thursday (Feb 12), but the top bid received was the lowest in three-and-a-half years.

The Housing and Development Board (HDB) said it received seven bids for the EC land parcel at Woodlands Avenue 12. Hao Yuan Investment submitted the top bid of S$103.79 million, which works out to S$2,992.17 per square metre of gross floor area.

Nicholas Mak, Executive Director for Research and Consultancy at SLP International, said the top bid by Hao Yuan, at S$277.98 per sq foot per plot ratio (psf ppr), is the lowest since the tender for the EC site at Punggol Way that closed in July 2011 at $270 psf ppr. That site was subsequently developed into Twin Waterfalls EC.

The EC to be built of the Woodlands Avenue 12 site will likely have a break-even price of S$600 to S$640 psf, he added.

According to HDB, the 99-year leasehold Woodlands Avenue 12 EC site has a site area of 12,388.3 sq m and a maximum building height of 61 metres. An estimated 390 dwelling units can be built on the site.

HDB said it will award the tender after the bids are evaluated.

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