CapitaLand tops bid for Bishan site

TENDER for the 99-year leasehold condo site at Bishan Street 14 closed on Nov 29, with nine bids received. The site is located next door to the 509-unit Sky Habitat, developed jointly by CapitaLand and Mitsubishi Estate Asia. The top bid of S$505.1 million (S$853 psf per plot ratio) for the latest site in Bishan came from Allamanda Residential Development, a unit of CapitaLand. It was just 3% higher than the second-highest bid of S$490.1 million, submitted by a consortium comprising Singapore Land, UOL Group and Orix Capital.

According to HDB, the 120,856 sq ft site with a gross floor area of 592,195 sq ft in Bishan can be developed into a 645-unit condo. The site is located within walking distance of Junction 8 shopping mall and the Bishan MRT station.

CapitaLand had won the tender for the site next door (now Sky Habitat) in February last year with a bid of S$550.1 million (S$869 psf ppr), which is 8% higher than its latest bid. The previous site was hotly contested, with 19 bids received. At Sky Habitat, of the 250 units released, 141 were sold as at end-October, with S$1,523 psf being the latest median price achieved.

This story first appeared in The Edge Singapore weekly edition of Dec 3-9, 2012.

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