CDL will likely scoop scenic Sengkang site
Remember that scenic 99yr condo site by the Sungei Punggol river and Layar LRT station? The top bid has been entered by CDL at $200.5 million or $365.26 psf.Beating 9 other bidders, CDL's entry was 13% higher than Far East Organization's. And if they should win this one break even costs would be about $650-760 psf with selling prices estimated around $750-830 psf. In short, long gone are the days that new condos in the northeast can be had for $500-600psf.
Nearby Compassvale Heights condo (~TOP 2002) that sits above Sengkang MRT, was transacting for between $648-793 psf in December 2009. A studio there recently went for $899psf in January 2010.
Damn. If only we bought a few studios to flip there. You can moan about missing the boat here.
via The Business Times - Sengkang bids signal moderation setting in
Satellite image: Googlemaps
Posted on 05-02-2010 12:04 | By Francis
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