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Business

 

Choa Chu Kang executive condominium site draws top bid from Sim Lian

Published on Sep 4, 2014 7:43 PM
 

SINGAPORE - The tender for an executive condominium (EC) site in Choa Chu Kang Drive surprised the market with top bids that were higher than expected, in a well-contested tussle among eight bidders on Thursday.

Industry watchers said the "optimistic" bids for the 205,138 sq ft parcel were a result of its location near the Choa Chu Kang MRT station and Lot One Shoppers' Mall.

The top offer of $207.4 million was from Sim Lian Land, which works out to $361 per sq ft (psf) per plot ratio (ppr).

When the site was put up for sale in June, experts had predicted that it would garner five offers, with a winning bid of between $320 and $350 psf ppr.

 
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