MCC Land (Singapore) was the top bidder in a recent tender for a Sembawang residential site. The developer bid $131.7 million for the site.

Drawing a total of 7 bids, the Sembawang Road/ Canberra Drive site can be developed for landed or condominium housing, or the building of flats.

The 22, 567.8 sqm land parcel also drew bids from SP International , Nam Hee Contractor and OPH Marymount, Prelim Corporation, Superport and Frasers Centrepoint.

Li Hiaw Ho, Executive Director, CBRE Research commented, “The site has a fairly good response of seven bids, but the quantum of the top few bids are bullish. The site is situated at the junction of Sembawang Road and Canberra Drive, surrounded by greenery and landed estates. It is also close to Sembawang Shopping Centre and is not far away from Sembawang MRT Station, Sembawang Interchange and Sun Plaza.”

“The top bid of $131.7 million or $387 psf/plot ratio reflects a breakeven cost of around $650 psf. Units in this new project will possibly sell around $700 psf. For comparison, in March- April 2010, units in The Estuary were transacted at between $660 psf and $800 psf, and in the resale market, units in Northwood – a freehold low-rise condominium – were sold at between $680 psf and $730 psf from January to April 2010,” he added.