Tender for Punggol Field/Punggol Rd site attracts highest bid of S$223.7m

The Housing and Development Board’s (HDB) tender for a residential site at Punggol Field and Punggol Road has attracted the highest bid of S$223.7 million.

This came from a joint bid by two companies – ChoiceHomes Investments and CEL Development.

That translates to about S$298 per square foot per plot ratio for the reserve list site meant for executive condominium development.

The next highest bid came from another joint bid by Hoi Hup Realty and Sunway Developments. They had bid S$215.2 million.

The state land parcel has a site area of almost 22,500 square metres and a maximum gross floor area of over 67,000 square metres.

The site was launched for public tender on May 5 and has a lease period of 99 years.

A total of five bids was received for the site.

HDB said it will decide on the winning bidder at a later date.

Source : Channel NewsAsia – 15 Jun 2010


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