Condo-like public housing: $170m bid for 2nd site
Top bid from group linked to Straits Construction for 1.8ha Boon Keng Road site
A CONSORTIUM linked to established contractor Straits Construction yesterday emerged tops in the tender for the second site for public housing to be built and sold by private developers.
The group, comprising Straits’ subsidiary Hoi Hup Realty, Sunway Concrete Products and Oriental Worldwide Investments, submitted the highest bid - of $170.2 million - among six parties for the 1.8ha site in Boon Keng Road.
The next highest bid of $128.2 million was submitted by Sim Lian Land, which is developing the first such project in Tampines called The Premiere@Tampines.
The other bidders were Chng Gim Huat, Boon Keng Development, CEL Development and a team comprising SP Development and Greatearth Developments.
The site, which consultants say can accommodate an estimated 600 flats, comes with a 103-year lease. It was put up for sale in March after the pilot Tampines project drew almost 6,000 applications for its 616 units.
Under this particular public housing programme, private developers are free to design, build, price and sell the flats. But they can sell the homes to only people who qualify for public housing.
This means that they have to be bought by family units, the ethnic quota has to be maintained, and the buyers’ monthly household income cannot exceed $8,000.
The Housing Board will evaluate the tender and is expected to announce the successful bidder in the next two weeks.
The eventual winner will have to set aside at least 30 per cent of the flats for four-room or smaller units.
The Premiere was known for its condominium-like features - generous balconies, floor-to-ceiling wardrobes and air-conditioning units - which set it apart from typical public housing developments.
The general manager of Straits Construction, Mr Kenneth Loo, told The Straits Times yesterday that his company also plans to introduce ‘condo-like’ flats at the Boon Keng site, with a ‘bit more refinement’ than the ones in the Tampines project.
Source : Straits Times - 30 May 2007
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