Frasers Centrepoint put the highest bid for the Woodsville Close condo
site at S$50.68m or S$435 psf ppr. The bid is 69% above URA’s reserve
price if S$13m or S$257 psf ppr. The bids ranged from 280 psf ppr to 435
psf ppr. Woodville Close is a 99 year leasehold development located near
Potong Pasir MRT with a land area of a 41,662 sqf. Frasers Centerpoint
estimates the breakeven around S$700 psf and plans to develop the site
into a 110 unit condominium with an average size of 1200 sf. Assuming
a 15% developer margin at the least, the average selling prices are
estimated around S$805. Given that the recent units at near by One
Leicester sold at S$690 psf and positive outlook in the mass-mid market
segment, the selling prices should be achievable when launched next year.
The high prices and dwindling number of properties with en bloc potential
in the central region is causing the developers to shift their focus into the
non prime locations and will benfit the early entrants.
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