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Frasers Centrepoint bags EC site in Sembawang Avenue for $214m

Published on Jul 10, 2014 7:49 PM

SINGAPORE - An executive condominium (EC) site in Sembawang Avenue fetched four bids on Thursday.

A considerable supply of upcoming EC units in the vicinity could have led to the "low participation" in the tender, said market watchers who had expected moderate interest from developers when the site was rolled out on the confirmed list in May.

The tender fetched a top bid of $214 million from Frasers Centrepoint's FCL Tampines Court and Keong Hong Construction's KH Capital - which works out to $320 per sq ft (psf) per plot ratio (ppr) for the 238,848 sq ft plot.

This narrowly edged out the second-highest bid of $211 million, or $315 psf ppr, from City Developments' Verwood Holdings and TID Residential.

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