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CDL unit top bidder for Sengkang EC site

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City Developments' (CDL) unit Verspring Properties has emerged as the top bidder with its $135 million bid for the 99-year-leasehold executive condominium (EC) site at the junction of Sengkang West Way and Fernvale Link.

The site drew six bidders, with Verspring Properties' bid translating into a per square foot per plot ratio (psf ppr) price of $296.50.

CDL's spokeswoman noted that the group is familiar with the Sengkang area, having launched the H2O Residences condo next to Layar LRT Station last year.

"In the event that we are awarded, CDL will explore a high-rise EC development with an estimated 380 units. Given the popularity of ECs in Singapore and its convenient access to the nearby LRT station, we expect this development to be well received," she added.

Verspring Properties' offer is just 0.1 per cent higher than that of the second bidder, JBE Development - whose directors are said to include boutique developer Patrick Lam. Verspring's bid is also close to the $296 psf ppr price that Peak Living - a subsidiary of Kheng Leong Group - paid for an EC site along Fernvale Lane in April this year.

Overall, offers ranged between $265 and $296.5 psf ppr.

Property consultants had expected the site to draw four to eight bidders, at between $270 and $330 psf ppr.

The 151,779.6-sq-ft plot has a maximum gross floor area of about 455,338 sq ft. It is expected to yield 420 homes.

Should Verspring Properties be awarded the tender, the new project will be CDL Group's sixth EC development - after The Florida, Nuovo, The Esparis, Blossom Residences and The Rainforest.

Credit from Business Times – 9 November 2012
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