MCC Land top bidder for Tampines residential site
By The Edge Property
/ URA, theedgeproperty.com |
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A residential site at Tampines Avenue 10 (Parcel D) drew 12 bids at its tender closing yesterday. The 99-year leasehold site can yield about 490 residential units.
MCC Land submitted a rather bullish top bid of $227.78 million or $482.59 psf ppr, which was 7% higher than the next highest bid submitted by Allgreen Properties. Based on the tender price, the estimated breakeven and selling price would be $870 psf and $1,090 - $1,100 psf respectively.
The site is in the vicinity of The Santorini, which is also being developed by MCC Land. As of March, The Santorini still has 418 unsold units, or 70% of the 597 units in the project. Sales over the past six months averaged $1,133 psf.
Location plan for land parcel
Source: URA
Details of site and bids received
Source: URA, The Edge Property
6-month price and rental comparison of completed projects near The Santorini
Source: URA, The Edge Property
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