Compassvale Bow parcel receives highest bid at $193.28mln

Sengkang E6 made 11 companies submit themselves as tenderers for Executive Condominium (EC) housing development of the 19,000 sq m land parcel.

Bid discrepancies were very little, with the highest tender price from Opal Star Pte Ltd & Lum Chang Building Contractors Pte Ltd being only 1.4 percent higher than the next in line.

Mr Li Hiaw Ho, Executive Director at CBRE Research, said, "The site's locational advantage is a draw since it is within a few minutes' walk to the Buangkok MRT station in the North-East Line. It is also just one station away from amenities at Sengkang Central which include Compass Point shopping mall, the community library and the polyclinic."

The $193.28 million bid is now the highest ever for an EC site since Summerdale EC got the $220 psf/plot ratio in 1997. According to Mr Li Hiaw Ho, the selling price could range from $650 psf to $680 psf with the top bid translating to a breakeven price of around $600 psf.

"Overall, the 11 bids signal that developers are keen to build up their land banks for suburban sites," commented Mr Li Hiaw Ho.

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