Govt awards CCK site to Tian Hock at $116m

Govt awards CCK site to Tian Hock at $116m 

 

The government has awarded the tender for the residential site at Choa Chu Kang Drive to Tian Hock Properties, which submitted the highest bid of 116 million dollars.

 

This works out to about 203 dollars per square foot of gross-floor area.

 

Five bids were submitted in total for the 99-year leasehold site.

 

Sim Lian Land submitted the next highest bid with 108 million dollars while HHA Properties put in the lowest bid of 80 million dollars.

 

Based on Tian Hock’s bid price, Executive Director of CBRE Research Li Hiaw Ho estimated the breakeven cost of the new project to be between 580 to 600 dollars per square foot.

 

This, he said, would translate to a selling price of about 650 dollars per square foot should the project be launched in a year’s time.

 

 

Source: 938Live

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