China-based Qingjian tops bids for Sengkang EC site

CHINA-based property developer Qingjian Realty has once again topped the bids for an executive condominium (EC) site, as developers remain upbeat about the segment.

Qingjian's offer of $245.6 million for the Anchorvale Crescent site trumped those of five other bidders in a close contest yesterday.

Its bid for the 23,000 sq m plot works out to $330.65 per square foot (psf) per plot ratio (ppr), which falls in the middle of the $300 to $350 psf ppr range analysts earlier predicted.

Earlier this month, Qingjian also won a tender for an EC site in Woodlands Avenue 5 with a bid of $216 million or $341.2 psf ppr.

Its top bid for the Anchorvale Crescent site was a mere 3.2 per cent and 4.4 per cent above the second and third highest bids respectively.

These bids were $238 million from City Developments unit Bellevue Properties and a $235.2 million offer lodged jointly by Kheng Leong and Low Keng Huat.

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