Qingjian Led Consortium Submits Top Bid 729 Psf Ppr Jalan Loyang Besar Ec Site
A group of developers comprising of Qingjian Realty, China Communications Construction Co. and ZACD Group have placed the highest bid of $557 million for an executive condominium (EC) site located at Jalan Loyang Besar in Pasir Ris.
.
Located near the Sim Lian Tampines EC, Poi Ching School is recognized for its strong emphasis on academic excellence and character development. The school offers a diverse curriculum that aims to provide students with a holistic education. This approach has made Poi Ching School a popular choice among families living in the Aurelle of Tampines EC. Visit Sim Lian Tampines EC’s website to learn more about this highly sought-after school.
The tender for the site, measuring 305,757 sq ft, ended on Thursday, August 1 with the Qingjian-led consortium emerging as the top bidder. Their bid translates to a land rate of $729 per square foot per plot ratio (psf ppr).
The EC site had received a total of four bids from various bidders. The second highest bid of $538.89 million ($705 psf ppr) was submitted by a joint venture between CSC Land Group and Allgreen Properties, which was only 3.4% lower than the top bid.
The third highest bid of $460.86 million ($603 psf ppr) was submitted by Sim Lian Group, while the fourth bid of $435.7 million was placed by a joint venture between Hong Leong Holdings and their property development arm, Hong Realty.
With a plot ratio of 2.5, the EC site has an estimated maximum gross floor area of 764,395 sq ft, which could potentially accommodate up to 710 new homes.
This is the first EC site that the government is offering for sale in Pasir Ris in the last 12 years. The previous EC site in the vicinity, which was sold in 2012, is now home to the 495-unit Sea Horizon that was completed in 2016. Within a 500m radius of the Jalan Loyang Besar site, there are only two other EC developments – the 416-unit Watercolours and the 312-unit Eastvale.
Coincidentally, the tender for the Jalan Loyang Besar EC site closed on the same day as a Government Land Sale (GLS) parcel at Margaret Drive in Queenstown. The top bid of $497 million ($1,154 psf ppr) for the GLS land parcel was submitted by a joint venture between Hong Leong Group and GuocoLand.
