Pasir Ris EC site sells for S$122m

An Executive Condominium (EC) site at the junction of Pasir Ris Drive 3 and Pasir Ris Link has been sold to Ho Lee Group Ltd & Maxdin Ltd, after offering the highest bid of S$122.20 million (S$291 psf ppr) in a state tender that closed on 11 October 2011.

The site, which was launched for sale on 25 August 2011, is zoned for EC housing and could possibly yield up to 390 condo units. It 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.

Chia Siew Chuin, Director of Research & Advisory at Colliers International, said “new EC units at the site are likely to breakeven at about S$580-610 psf,” given its S$291 psf ppr land cost.

She added that site psf price is also some 10.8 percent above the land price achieved for the Belysa EC site located on Elias Road / Pasir Ris Drive 1, which was awarded in October 2010.

Li Hiaw Ho, Executive Director at CB Richard Ellis (CBRE) Research, agreed and noted that the 315-unit Belysa EC at Elias Road, which was launched on 11 May at S$670 psf, “was fully sold within one month.”

“The newest EC project, Arc At Tampines (574 units) at Tampines Avenue 8, reportedly sold more than 300 units in the past month. It was launched at the end of August 2011 at $720 psf. A new EC project on the subject site, which can yield around 390 units, may be priced at similar levels.”

He added that the site “is about 10 minutes’ walk from Downtown East and E!hub @ Downtown East. 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.”

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