Land parcel in Sembawang receives top bid of $211.9m


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SINGAPORE: The tender for a land parcel located at Sembawang Crescent/Sembawang Drive closed on Thursday with a top bid of $211.92 million.


The site, measuring 21,718.4 square metres, received a total of eight bids.


In a statement, the Housing and Development Board (HDB) said the top bid came from boutique developer JBE Holdings, while the second highest bid of S$210.1 million was handed in by FCL Place Pte. Ltd. and Hytech Builders.


Meanwhile, two joint bidders submitted the third highest tender price of S$208.5 million. They were Master Contract Services Pte Ltd & Keong Hong Construction and Peak Square Pte. Ltd. & Low Keng Huat (Singapore) Limited.


The lowest bid of S$184 million came from Mezzo Development.


The site can be developed into an executive condominium housing with around 650 units. It has a maximum gross floor area of 60,811.52 square metres and gross plot ratio of 2.8 translating to cost price of $324psf ppr. The lease term is 99 years.


HDB said the decision on the tender award will be announced at a later date after the bids have been evaluated.