Towards Financial Freedom
CAPITALAND UNIT OffERS TOP BID FOR BISHAN SITE
Plot is next to the group's Sky Habitat project; 2nd highest bid just 3.1% lower.
CapitaLand, in a joint venture with Mitsubishi Estate Asia, offered the top bid for another residential site in Bishan, next to its current Sky Habitat development.
The $505 million, or $852.94 per square foot per plot ratio (psf ppr), bid was submitted through Allamanda Residential Development in which CapitaLand holds a 75 per cent stake.
According to market analysts, the CapitaLand JV top bid for the residential site at Bishan Street 14 was part of a strategic move to defend its earlier bid of $869.36 which was offered in February last year for the Sky Habitat site.
Said Lee Sze Teck, senior manager, training, research and consultancy at DWG: "The estimated breakeven price could be between $1,350 and $1,400 psf and the probable selling price could be between $1,650 and $1,700 psf which is similar to Sky Habitat's selling prices."
According to Mr Ong, the relatively high bids suggest a healthy demand among developers.
"Other than the top two bidders, most of the others placed bids above $700 psf ppr, keeping with recent observations that bidders seem to be prepared to pay more for sites under current market conditions."
The Straits Times has also reported that none of the other 18 bidders tendered above $700 psf ppr for the Sky Habitat site previously. However, sales at Sky Habitat seem to be slowing, particularly as the year draws to an end. Thus, the above win will allow CapitaLand to set prices within the Bishan estate and complement the existing project in terms of unit mix.
Source: AmFraser
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