The top bid of $543 million put in by United Engineers Developments Pte Ltd for the plot of land at Bendemeer Road/Whampoa East was well over the expectations of many.This is the third time in three months where we have seen record bids for Government Land Sales (GLS) sites—the first one was the site at Bishan Street 14 ($869 psf ppr), then came the Bartley site ($620 psf ppr), and now this.
In fact, experts only expected the bid to hit $750 psf ppr, so $775 psf ppr is unexpectedly high. The second highest bid of $482.2 million came from Sherwood Development, a 12% difference! And at $775 psf per plot ratio, we can expect the breakeven cost to be around $1,200, so can you imagine the selling price? We’re guessing somewhere around $1,400 psf thereabouts.
With a 99-year leasehold and a pretty good location at the city fringe, you can easily reach the CBD area since Boon Keng MRT station is just a few minutes away. Some say that residents staying at the higher floors should be able to see the Marina Barrage as well as the city. This means a super awesome view!
But right now, all that we know is that United Engineers are planning roughly 700 units of 1-, 2-, 3- and 4-bedders as well as lofts and penthouses on this plot that spans roughly 200,400 sqft. We’ll be eagerly awaiting the launch of this new condo!
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