Multi Wealth, a wholly-owned subsidiary of IOI Properties, offered a highest bid of S$408 million (RM992.35 million) for a condo site at Jalan Lempeng, Singapore, in a state tender that closed yesterday.
"The tender for the private non-landed residential site located onJalan Lempeng, near the matured public housing estate of Clementi, garnered a healthy interest level from eight participants," said Chia Siew Chuin, Director of Research & Advisory at Colliers International in Singapore.
"At a land price of S$554.35 (RM1,348.24) psf ppr, the breakeven cost for new home units at the site is estimated to be in the region of S$950-S$980 (RM2,310.34-RM2,383.30) psf," she said.
Meanwhile, the second highest bid for the site came from a partnership comprising S.L. Development Pte Ltd, Russville Pte Ltd and UOL Venture Investments Pte Ltd at S$360.97 million (RM877.848 million), while the lowest bid was offered by Soilbuild Group Holdings at S$260.10 million (RM632.54 million).
Chia noted that the highest bid submitted by Multi Wealth was 13 percent and 22.2 percent above the second and third highest bids, respectively.
This "reflects the keen interest of IOI Properties Berhad on the site amid continued cautiousness among other developers," Chia said.
The land site, which was launched for sale on 29 November 2011, has a total area of 24,417.60 sq m with a maximum gross floor area (GFA) of 68,369.28 sq m and a gross plot ratio of 2.8. It could yield up to 685 condo units with a leasehold period of 99 years.
"The interest stems from the site's location, which is also a stone's throw away from the Clementi MRT Station, bus interchange and tertiary educational institutions (e.g. National University of Singapore, the upcoming School of Science & Technology Singapore and Singapore Polytechnic)," added Chia.
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