An Executive Condominium (EC) site at Punggol Way / Punggol Field received a total of three bids in a public tender that closed on 7 July.

The top bid was jointly submitted by FCL Tampines Court Pte Ltd and Keong Hong Construction Pte Ltd at S$219.47 million. CEL Development Pte Ltd offered the second highest bid of S$218.50 million, while EL Development Pte Ltd was the lowest bidder at S$177.10 million.

“The small number of bids submitted for the site reflects developers’ cautiousness in view of the uncertainty of policy changes in public housing in the near future,” said Li Hiaw Ho, Executive Director at CB Richard Ellis (CBRE).

“In addition, a number of ECs and mass market homes are coming on-stream within Punggol New Town. The top bid of S$219.47 million or S$270 psf/plot ratio translates to a breakeven cost of S$570-S$600 psf.”

Launched for sale on 26 May, the 99-year leasehold site has a total area of 25,164.2 sq m and a maximum gross floor area (GFA) of 75,492.6 sq m. It is zoned for executive condominium housing, with a maximum building height of 64 m above mean sea level and can potentially yield 720 housing units.

“The site at Punggol Field / Punggol Way is about 20 minutes’ walk from the Punggol MRT station and bus interchange. This location is close to the Punggol town centre where more public flats, private housing, facilities and amenities will be developed in the coming years,” Li added.

The HDB said it will evaluate the tender result and a decision on the award will be announced at a later date.

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