The Tampines private residential site recently released by the Urban Redevelopment Authority (URA) fetched a top bid of $302 million.

The top bidder was Sim Lian Land. Coming in a close second was a joint bid of $289 million by Waterfront View and FCL Tampines Court. MCL Land put in the third highest bid of $278.4 million.

Other bidders were Allgreen Properties, First Changi Development, Qingjian Realty, CRL Realty and Boon Keng Development.

Joseph Tan, Executive Director (Residential) of CB Richard Ellis said,” The tender for the condominium site at Tampines Avenue 1 is another demonstration of developers’ interest in the mass-market segment. Of the eight bids submitted, the first six bids were very close to each other. The top bid of $421 psf/plot ratio is only 4.3% above the next highest bid of $403 psf/plot ratio. Based on $421 psf/plot ratio, the new project will breakeven at around $700 psf.”

He stated that caveats lodged for transactions in the new projects in Bedok Reservoir area, such as Waterfront Key and Waterfront Waves, ranged from $700 psf to $850 psf in the last four to five months. “When the new project is ready for launch in six to eight months’ time, we would expect it to be launched within the same price range or higher, subject to market conditions,” he remarked.