Breaking Records: Qingjian Realty Wins Bukit Batok EC Tender with S$662 per sq. ft. bid
Breaking Records: Qingjian Realty Wins Bukit Batok EC Tender with S$662 per sq. ft. bid
It was a record-breaking moment when Qingjian Realty (South Pacific) Group Pte Ltd recently won the tender for a Bukit Batok Executive Condominium (EC) site. With a bid of S$662 per square foot per plot ratio (psf ppr), the 99-year-leasehold site was secured by the developer in the most competitive tender seen in the area since 2017.
The record-breaking bid was more than 10% higher than the second-highest bid, which was placed by Hoi Hup Realty Pte Ltd at S$593 psf ppr. Representing a total of S$192.2 million, Qingjian Realty’s bid was also 20% higher than the lowest bid of S$545 psf ppr submitted by EL Development (Bukit Batok) Pte Ltd.
The new EC project, located at Bukit Batok West Avenue 6, will comprise about 700 units and is expected to be completed in 2023. …