POSTED: 25 Feb 2014 22:00 | CNA

SINGAPORE

MCL Land (Brighton) submitted the highest bids for two 99-year leasehold sites for Executive Condominium (EC) development at Chua Chu Kang Grove.

The two adjacent plots were put up for sale under the batch tender closing system, aimed at ensuring more prudent bids from developers.

According to the Housing and Development Board (HDB), the first plot, Parcel A, attracted a total of seven bids.

The top bid, from MCL Land (Brighton), came in at S$232.5 million, just half a per cent higher than the second-highest bid from JBE Holdings.

Meanwhile, there were four bids for Parcel B, with MCL Land (Brighton) placing the top bid of S$210.1 million.

This is 1.7 per cent above the second-highest bid jointly submitted by Verwood Holdings and TID Residential.

Each of the two sites measure about 16,450 square metres, and are expected to yield 575 units.

Analysts said the bidding showed that Parcel A commands a premium over Parcel B.

Desmond Sim, head of CBRE Research Singapore, said in per square foot terms, the top bid for Parcel B was 10 per cent lower than the top bid for Parcel A.

This reflected Parcel A’s premium over Parcel B.

He noted that demand for ECs has also slowed down in recent months.

– CNA/gn

http://www.channelnewsasia.com/news/business/singapore/mcl-land-brighton-submits/1012160.html