The tender for the executive condo (EC) site at Pasir Ris Drive 3 closed on Nov 22 with 10 bids received. The top bid came from a China-linked company based in Singapore, Hao Yuan Investment, which submitted a bid price of $207 million or $331 psf per plot ratio (psf ppr). The privately held Hao Yuan Investment which is owned by Du Zhen Zheng, a Singapore Permanent Resident (PR), had won an EC site in Woodlands in May this year with a top bid of $247 million ($317.7 psf ppr).
This is the first EC site in Pasir Ris released this year, according to Eugene Lim, key executive officer of ERA Realty. It’s also the highest bid price psf ppr achieved in 2H2012 for an EC site, reckons Lim. The second highest bid, which was just 0.15% lower, came from World Class Land, the property arm of listed Aspial Corp. “The level of interest shows that developers have shown for the past couple of EC sites implies that they think that the EC market is still robust,” says Lim.
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