By Kristie Neo | Posted: 16 October 2012 2236 hrs

SINGAPORE

A residential site at New Upper Changi Road (Parcel A) attracted 11 bids at the close of tender by the Urban Redevelopment Authority (URA) on Tuesday.

The highest bid of about S$434.5 million for the 3.18-hectare site came from Sherwood Development, a unit of Keppel Land.

This works out to about S$791 per square foot per plot ratio (psf ppr).

Sherwood Development’s bid was 7.1 per cent higher than the next highest bid of S$405.9 million from Bayfront Land.

The lowest bid, from Vantage Properties, stood at just S$275 million.

Eugene Lim, key executive officer of ERA Realty Network, said the 11 bids received showed “very keen participation” on account of the site’s appeal.

Based on the highest bid for the site, analysts said the breakeven cost for a private residential project is estimated to range from S$1,150 to $1,250 per square foot and the selling price is likely to be S$1,350 per square foot.

Colliers International’s director of research & advisory, Chia Siew Chuin, said: “A new project on the site has a potential buying demand base from upgraders from about 14,003 households who are currently staying in five-room and executive HDB flats in Bedok.”

– CNA/ms