Media Coverage

Qingjian-Santarli JV bids a record $662 psf ppr for EC site at Bukit Batok West

Updated Date: 2022-03-08

SINGAPORE (EDGEPROP) - The executive condo (EC) site at Bukit Batok West Avenue 8 drew nine bids at the close of its tender. It fetched a top bid of $266 million, or land rate of $662 psf per plot ratio (psf ppr). “This is the highest land rate paid for an EC site,” says Nicholas Mak, ERA Realty head of research. (Discover insightful data of any Singapore condominium with our condo directory)


Bids at the close of the tender for Dairy Farm Walk Goverment Land Sale (GLS) site


Source: URA, developers, consultants
The winning bid came from a joint venture between Qingjian Realty and Santarli Construction. The joint venture partners have broken their last record price of $659 psf ppr for the EC site at Tampines Street 62 which they won in July 2021
The top bid of $662 psf ppr is 9.8% higher than that of the nearby Tengah Garden Walk EC plot, which was awarded in June 2021 to a joint venture between City Developments and MCL Land for $603 psf ppr, says Wong Siew Ying, PropNex head of research and content.
At the land rate of $662 psf ppr, the new EC at Bukit Batok West could be launched at a record price of $1,328 psf to $1,388 psf,estimates ERA’s Mak.