Li Hiaw Ho, Executive Director of CBRE Research, said the top bid of $122.20 million works out to around S$291 psf ppr and translates to a break-even cost of above S$600 psf.

Launched for sale on 25 August 2011, the site has a total area of 18,576.1 sq m and a maximum gross floor area (GFA) of 39,009.81 sq m with a gross plot ratio of 2.1. The site is a 10-minute walk from Downtown East and E!hub @ Downtown East, said Li.

“White Sands shopping mall and Pasir Ris MRT station/bus interchange are a short drive away. Future residents will be able to walk to Pasir Ris Park and the beach.”

Meanwhile, the second highest bid was submitted by CEL Development Ltd at S$118.84 million, while Wee Hur Development offered the lowest bid of S$90.0 million. Other bidders include Peak Shines Ltd, a joint bid between Hangzhou Headway Real Estate and L Gold Ltd, Sunmaster Holdings, Qingjian Realty (South Pacific) Group, Realty Consortium, Frasers Centrepoint, EL Development and a joint bid between Hoi Hup Realty Pte and Sunway Developments.

The highest bid price at $291 psf ppr for the site is 10.8 percent above the land price achieved for the Belysa EC site on Elias Road / Pasir Ris Drive 1, which was awarded in October 2010, said Chia Siew Chuin, Director of Research & Advisory at Colliers International.

“The optimism for the subject site stems from developers’ confidence in the hybrid property asset class after the government raised the qualifying monthly household income ceiling for ECs from S$10,000 to S$12,000 in August 2011. This policy also applies to other EC projects with unsold units.”

She noted that with the policy change, “there would be more interested buyers of EC units, those previously do not qualify to purchase one as their combined household income exceed S$10,000, who would now qualify.”

Additionally, given the widespread preference for condominiums among Singaporeans, Chia said ECs are “expected to remain a popular housing option for young couples and upgraders from public flats. This is especially true when EC prices generally continue to be below those of private condominiums.”

To contact the journalist, you may send your message to editor@propertyguru.com.sg

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What is the name of new Pasir Ris EC launch?

Site of new Pasir Ris EC Launch @ Pasir Ris Drive 3.

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or SMS me @ 938-747-86

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HDB flats wanted
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