What's the estimated unit cost at the new Bedok South Avenue 3 residential site?

The winning developer may sell units at around $1,100 per psf based on its tender bid, says CBRE.

Seven bids were entered for the residential site located near the Bedok HDB and Tanah Merah MRT station, with the leading submission at $345.9 million.

If the site is awarded to this highest bidder, this will mean a breakeven cost of roughly $950 psf and possibly a unit sale price of $1,100 psf, considering how nearby developments are priced.

"The site is attractive enough to have garnered seven bids from developers. The top bid of $345.9 million or $534 psf/plot ratio will work out to a breakeven cost of around $950 psf," said CBRE.

"Based on caveats lodged in the period November 2011 – January 2012, units of Bedok Residences at Bedok Central and Archipelago at Bedok Reservoir Road are currently selling at median prices of $1,350 psf and $1,120 psf respectively. In the secondary market, units at Optimah @ Tanah Merah and Casa Merah were sold within the range of $1,000 psf - $1,100 psf. Therefore, it is likely that the units in the new residential project will be able to fetch around $1,100 psf,” it added.

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