Jurong West EC site draws higher-than-expected top bid of $198.9m

An executive condominium site at Westwood Avenue in Jurong West fetched an unexpectedly high top bid of $198.9 million on Thursday in a 12-way tussle. -- PHOTO: HOUSING & DEVELOPMENT BOARD
An executive condominium site at Westwood Avenue in Jurong West fetched an unexpectedly high top bid of $198.9 million on Thursday in a 12-way tussle. -- PHOTO: HOUSING & DEVELOPMENT BOARD

An executive condominium site at Westwood Avenue in Jurong West fetched an unexpectedly high top bid of $198.9 million on Tuesday in a 12-way tussle.

The highest bid was a joint offer from Changi Properties and Heeton Homes.

It works out to $381.80 per sq ft (psf) per plot ratio (ppr) for the 186,052 sq ft land parcel, which is located near amenities such as Gek Poh Shopping Centre, Pioneer Mall, Jurong West Stadium and Jurong West Public Library.

The top bid outstripped market expectations of between $285 and $365 psf ppr.

It narrowly edged out the second-highest bid of $380.10 psf ppr lodged by Verwood Holdings and TID Residential.

The site is estimated to yield 485 homes and is on a 99-year lease.