It was astonishing to receive good response to the recent public tender that was announced by the authority. It was heartwarming to ignite interest in bidding by these developers.
The land sits on a residential area and is built near to, Tao Nan School, CHIJ Katong Convent and Victoria School. There are East Coast Park and a rising number of existing condos, such as , Fernwood Towers, Villa Marina and Mandarin Gardens.
The 1.93 hectare land parcel has many well flavored attributes and is its the Punggol residential zone and close distance to Piermont Grand.
The total gross ratio for the land, which is sitting on the GLS is confirmed on the list for the second half of 2019 is 3.5 and it has the depth to command about 750 units for this CDL new condo in Punggol.
Many analysts highlighted out the scarity of having a GLS residential site being getting put up for sale in the East Coast area. As the site’s size and location, any real estate developer is required to have enough financial capacity to build this Piermont Grand condo . That account for big developers and consortiums and developers to come forward.
The site is a reasonable distance from the close by MRT station. Bedok, with an estimated travelling time from Siglap MRT stations being set up for 2023, according to the scheduled time line set out by the LTA.
There is a great variation in the estimation from the property consultants despite the site’s positive overview. We sensed that the winning bid could be between $640 to $873 psf , per plot ratio.
The surrounding is a older residential private developments that could have the factors to be rebuilt through en-bloc sales. But it has been difficult to introduce collective sales. There is a analyst has mentioned that he agreed that developers could miss this window of opportunity easily, with the strong anticipation that there is going to be a change in the market during the time this condo is for sale.
Another analyst feedback that, since there are not many freehold condos in the area, the issue is on the developer’s side to derive up with a value that is attractive enough for a condo with a 99 year leasehold. One main concern for potential home buyers is the closeness of the East Coast Parkway and the traffic noise that is generated. If we could use the transaction mark from other leasehold flats in the area, $1,450 to $1,650 psf as a benchmark, we are expecting that there will be another abut 10 bids for this site, with the top winning bid to be around $780 to $860 per square foot. The land parcel’s bid tender will end soon.