Qingjian-led consortium submits top bid of $729 psf ppr for Jalan Loyang Besar EC site
A consortium of developers consisting of Qingjian Realty, China Communications Construction Co. and ZACD Group submitted the top bid of $557 million for a executive condominium (EC) site at Jalan Loyang Besar in Pasir Ris.
The tender for the 305,757 sq ft site closed on Thursday, August 1. The top bid submitted by the Qingjian-led consortium translates to a land rate of $729 psf per plot ratio (ppr).
The EC site received three other bids from different bidders.
The second highest bid of $538.89 million ($705 psf ppr) was submitted by a joint venture between CSC Land Group and Allgreen Properties. Their bid was just 3.4% short of the top bid.
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The third highest bid of $460.86 million ($603 psf ppr) was submitted by Sim Lian Group while the final bid of $435.7 million was submitted by a joint venture between Hong Leong Holdings and their property development arm, Hong Realty.
With a plot ratio of 2.5, the EC site has an estimated maximum gross floor area (GFA) of 764,395 sq ft and the new development could yield up to 710 new homes.
This plot is the first EC site that the government has released for sale in Pasir Ris in ten years. The last EC site in the area was sold in 2012 and has been developed into the 495-unit Sea Horizon, which was completed in 2016. There are only two other ECs within 500m of the Jalan Loyang Besar site – the 416-unit Watercolours and the 312-unit Eastvale.
The close of the tender for the Jalan Loyang Besar EC site closed on the date day as a Government Land Sale (GLS) parcel at Margaret Drive in Queenstown.
A joint venture between Hong Leong Group and GuocoLand submitted the top bid of $497 million ($1,154 psf ppr) for the GLS land parcel at Margaret Drive.
With a plot ratio of 2.5, the EC site has an estimated maximum gross floor area (GFA) of 764,395 sq ft and the new development could yield up to 710 new homes.
This plot is the first EC site that the government has released for sale in Pasir Ris in ten years. The last EC site in the area was sold in 2012 and has been developed into the 495-unit Sea Horizon, which was completed in 2016. There are only two other ECs within 500m of the Jalan Loyang Besar site – the 416-unit Watercolours and the 312-unit Eastvale.
The close of the tender for the Jalan Loyang Besar EC site closed on the date day as a Government Land Sale (GLS) parcel at Margaret Drive in Queenstown.
A joint venture between Hong Leong Group and GuocoLand submitted the top bid of $497 million ($1,154 psf ppr) for the GLS land parcel at Margaret Drive.