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PR Newswire
02-10-2024, 08:51 PM
Singapore Housing Development announced on 1st Aug 2024 that a Jalan Loyang Besar EC in Pasir Ris that can yield 710 units drew four bids and a top bid of $557 million, or $729 psf ppr, from a consortium comprising Qingjian Realty, China Communications Construction and ZACD Group.
Developers seemed more inclined to invest in an entry-level Executive Condominium (EC) site in Pasir Ris, aimed at first-time buyers and HDB upgraders, rather than a prime private condominium plot in a popular area with a large HDB upgrader market.
The $729 per square foot per plot ratio (psf ppr) bid set a new record for a Government Land Sales (GLS) EC site, surpassing the previous high of $721 psf ppr for a Tampines Street 62 (Parcel B) site, which was awarded to Sim Lian Group in October 2023.
Developers seemed more inclined to invest in an entry-level Executive Condominium (EC) site in Pasir Ris, aimed at first-time buyers and HDB upgraders, rather than a prime private condominium plot in a popular area with a large HDB upgrader market.
The $729 per square foot per plot ratio (psf ppr) bid set a new record for a Government Land Sales (GLS) EC site, surpassing the previous high of $721 psf ppr for a Tampines Street 62 (Parcel B) site, which was awarded to Sim Lian Group in October 2023.