New tender bid confirms Punggol as a red-hot address

An Executive Condominium site in the increasingly developed area courted a top bid of $136.70 million.

This top bid translates to a $319.69 per sqft per plot ratio, which is 18.4% above the land price of a similar EC site at Punggol Way/Punggol Field, said Colliers International, which led to a breakeven estimate of $630-$640 per sqft.

Here's more from Colliers:

The results of the tender closing for the executive condominium (EC) site on Punggol Central and Edgefield show continued keen interest for EC sites and the increasingly popular Punggol address.

In addition to the buoyant demand for EC units, the various plans rolled out by the Government for Punggol, including the newly completed 4.2-km waterfront promenade as well as the upcoming park at Punggol Point, contributed to the fervent response for the site. Punggol Point will be developed into a sea sports and recreational destination, complete with rustic seaside dining offerings.

Qingjian Realty (South Pacific) Group Pte Ltd topped the list in the hotly contested tender with the top three bids in close range of just 4.1%. The top bid at $136.70 million or $319.69 per sq ft per plot ratio is 18.4% above the land price of $270.08 per sq ft per plot ratio achieved for a nearby EC site located at Punggol Way/Punggol Field.

Based on the land cost of $319.69 per sq ft per plot ratio and the prevailing average selling price of newer EC units located in the area, a new project at the subject site could break even in the region of $630-$640 per sq ft.