Tender for Jalan Eunos residential site closes

Five bids, highest of which is $257.78mln, indication of site's desirability to developers.

The Urban Redevelopment Authority (URA) closed the tender for the residential site at Jalan Eunos on 7 September.

The site at Jalan Eunos was launched for public tender on 20 July 2010. The site was offered for sale on a 99-year lease, according to a URA report.

Leonard Tay, Director, CBRE Research said: "The residential site is bounded by Jalan Eunos, Bedok Reservoir Road and Eunos Link, near the exit to Pan Island Expressway. It is close to Bedok Reservoir and Eunos HDB estates and will therefore, be able to enjoy the amenities and conveniences in these places. This is a busy neighbourhood as the Automobile Megamart and Kaki Bukit Industrial Estate are also closeby. The Eunos MRT station is about 15 minutes’ walk away.”

“The five bids submitted is an indication that the site is fairly desirable to developers. The top bid of $257.78 million or $415 psf/plot ratio reflects a breakeven cost of around $720 psf to $760 psf. Units in this new project could possibly sell from $850 psf upwards. New mid-rise 99-year leasehold projects in the vicinity such as The Minton at Lorong Ah Soo and Waterfront Gold at Bedok Reservoir Road were recently launched at $850 psf and $990 psf respectively. It is probable that a low-rise condominium on the subject site will be able to fetch $850 psf on the average,” Tay commented.