The tender for a private residential site at Lorong Lew Lian closed yesterday with a total of 11 bids. The strong tussle could be attributed to the site’s location which is within 400m from Nex mall and the Serangoon MRT interchange station.

A consortium comprising City Developments, Hong Leong Holdings and TID Residential put in the highest bid of $321 million or $710 psf ppr. The second highest bid was just 2.6% lower at $692 psf ppr. The 1.4 ha 99-year leasehold site has a maximum permissible gross floor area of 452,138 sq ft and can yield an estimated 465 housing units.

Based on the top bid, the breakeven cost of the development is around $1,100 psf . The average price for 700 to 1,000 sq ft units at new projects near Bartley MRT, one stop away from Serangoon station, station stood at $1,283 psf.