Woodlands site tender bid tops at $247 million

Hao Yuan Investment Pte Ltd won against a small field of five bidders, with an expected sell price of up to $750 psf.

The sell price is based on an estimate from Colliers International, which pegged the break-even cost for developing the Executive Condominium site at Woodlands Avenue 5 and Woodlands Drive 16 at around $620-$670 psf.

There is a risk though in selling units at that price range, given the performance of comparable sites in the area: "While there have been not many transactions at the neighbouring EC – La Casa, there was however a transaction registered about $740 per sq ft at the end of last year."

The tender closing for the EC site drew a moderate response with five bids, according to official data released.

"Even though this site did not attract that many bids, the top two bids still reflect optimism from developers. The highest bid at $247 million was submitted by Hao Yuan Investment Pte Ltd, a China-linked company. This reflects a land price of $317.65 per sq ft per plot ratio and is 3.5% above the second bid," said Colliers International.

"This is the second Government Land Sales (GLS) tender that Hao Yuan Investment Pte Ltd has participated in, the first being the land site acquisition of The Nautical @ Jalan Sendudok in May 2011," it added.

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia