This condo site at Sengkang Square/Compassvale Road has proved to be pretty hot among developers. HDB has received a total of 9 bids for this site. The price? Yes, you could see a $1,000 psf condo in Sengkang in the coming months.Location wise, it’s really as good as it gets. A couple of minutes’ walk will get you to the MRT and LRT stations, bus interchange, Compass Point shopping mall, Kopitiam Square and wet market…need we say more?
Anyway, this 99-year leasehold site can yield roughly 530 units. Developers probably fought tooth and nail to put in the winning bid for this site. Keppel Land put in the top bid of $286.8 million. Hot on their heels is a joint bid by Sunmaster Holdings Pte. Ltd., Garden Estates (Pte) Limited And TID Residential Pte. Ltd ($274.35 million), and Qingdao Construction (Singapore) Pte Ltd ($271.7 million).
So what will the price be? Taking the whole potential gross floor area of 571,564 sqft, the cost price of the condo comes up to $504 psf. Meaning that we could very well see a $1,000 psf condo in Sengkang. We already saw H2O Residences selling for an average of $910 psf. So this comes as no surprise.
We think this one is really interesting one to watch.
[ from H88.com ]
[ via HDB. Image: Onemap.sg ]
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