Clearly showing developers’ appetite for more land sites, the recently-launched Boon Lay Way residential site drew a top bid of $302.98 million from Keppel Land. So hotly-contested were the tender that there were 14 bids given altogether.

The second highest bid of $263 million came from MCC Land. The third highest bid of $256.78 million was put in by Qingdao Construction. The other bidders included MCL Land, Sing Holdings, Allgreen Properties and Sim Lian Land.

Li Hiaw Ho, Executive Director, CBRE Research commented,” The residential site at Boon Lay Way is adjacent to Caspian condominium and is a stone’s throw away from Lakeside MRT station. It enjoys an unblocked view of Jurong Lake. Surrounding private condominiums include Parc Vista, Lakeholmz and The Lakeshore. Shops, food court and eateries and other conveniences are available at Jurong West HDB estate.”

He said the location will attract upgraders from the nearby private and public housing estates as well as employees from the surrounding industrial employment centres and Nanyang Technological Institute. 

 “With such strong location attributes, the site was able to attract 14 bids, most of which were submitted by major developers. The top bid of $302.98 million or $499 psf/plot ratio will translate to a breakeven of $830 psf - $850 psf. Subsale units of The Caspian have been transacted in the market between $650 psf and $800 psf in the past four months. In the resale market, units in The Lakeshore have been sold at $680 psf to $900 psf. Assuming the residential market continues its present state of activity and growth, the future project on this site could fetch an average price of $900 psf to $950 psf by early next year,” predicted Li.