Developers still tread with caution

There were only three bids for the Punggol site amidst uncertainty of policy changes in public housing.

Li Hiaw Ho, Executive Director of CBRE Research, noted:

The site at Punggol Field/ Punggol Way is about 20 minutes’ walk from the Punggol MRT station and bus interchange. This location is close to the Punggol town centre where more public flats, private housing, facilities and amenities will be developed in the coming years.

The small number of bids submitted for the site reflects developers’ cautiousness in view of the uncertainty of policy changes in public housing in the near future. In addition, a number of ECs and mass market homes are coming on-stream within Punggol New Town. The top bid of $219.47 million or $270 psf/plot ratio translates to a breakeven cost of $570 - $600 psf.

Units in Prive EC, which is further down Punggol Field, were transacted at around $700 psf on the average. The 680-unit project was launched in December 2010 and is about 98% sold. River Parc EC at Punggol Drive/Punggol East is currently open for application. We are aware that the average price for the units is around $650 psf.

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