Sim Lian tops bid for Hougang site

Property developer Sim Lian Land Ltd has offered the highest bid for a land parcel at Hougang Avenue 7 in a public tender that closed on Friday.

HDB said the 99-year leasehold site at Hougang Avenue 7 has drawn a total of six bids, with Sim Lian Land offering the highest bid of $160 million.

The second highest bid came from joint bidders Hoi Hup Realty Ltd., Sunway Developments and SC Wong Holdings, offering about $156.1 million for the site.

Other bidders include a joint bid between F.E. Lakeside Ltd. and FCL Topaz Ltd. at $146.8 million, First Changi Development at $145.8 million, Intrepid Investments at $132.1million, and Meadows Investment offered the lowest bid at $106 million or $2,422.02 psm per GFA.

The Hougang Avenue 7 site, which is proposed for condominium housing, has a total site area of around 15,630.4 sq m and has a maximum gross floor area of 43,765.12 sq m with a gross plot ratio of 2.8.

HDB said it will evaluate the tender results and announce the winning developer within the next two weeks.