Subdued bids for adjacent Yishun executive condo sites

SINGAPORE - Developers bid cautiously for two adjoining executive condominium (EC) parcels at Yishun Street 51 on Thursday.

Offers for both sites came in at the lower end of analyst expectations, amid a soft residential market.

The top offer out of six bids for the first plot, Parcel A, was $330 per sq ft (psf) per plot ratio (ppr), submitted by a consortium led by City Developments (CDL).

It edged out Sim Lian which offered $323 psf ppr.

Parcel A has a gross floor area of 540,698 sq ft and can yield about 490 units.

For the bigger and more popular Parcel B, which eight bidders vied for, the highest bid was $335 psf ppr lodged by boutique developer JBE Holdings.

The CDL consortium also bid for Parcel B but came in third with their offer of $319.80 psf ppr, just a whisker behind Nanshan Group Singapore which offered $320.20 psf ppr.

The plot has a maximum gross floor area of 550,349 sq ft and can yield about 520 units.

Both EC plots are on 99-year leaseholds.