At a capping bid of $247 million or $391 per sq ft (psf) per plot ratio (ppr), a condominium site located at Buangkok recently sold amidst a moderate level of interest.
(The Buangkok condominium site is a short walk to the Kangkar LRT Station.)
There were four bids in total. The top bid for the 19,549 sq m site came from Qingdao Construction, with Frasers Centrepoint’s Opal Star and Lum Chang Building Contractors trailing close behind (at $239.8 million or $380 psf ppr), just three percent shy being the top bidder. In third place was Centurion Re and its $196.9 million bid, followed by Best Desire Investment with a bid of $145.2 million or $230 psf ppr, 41% lower than the highest bid.
Experts had previously estimated to see up to six bids, with a top bid of $320-450 psf ppr. As such, they found both the participation level and top bid to be well within expectations.
The site can be found at the junction of Buangkok Drive and Sengkang East Drive, adjacent to the Austville Residences executive condominium. It is situated close to the Kangkar LRT Station as well as Rivervale Plaza.
An insider explains that the moderate level of interest in the condominium site is in fact, in line with the site’s attributes, being situated in a less busy part of Sengkang and Upper Serangoon, and away from bustling MRT stations and amenity hubs. Last November, a Serangoon View site just 500m away, from the Buangkok site had gained the interest of four bidders but only managed a top bid of $320 psf ppr.
The average selling price of the Buangkok project is expected to be around $800-850 psf.
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