Sembawang Executive Condominium Site Sees Mild Interest

JBE Holdings’ Oriental Pacific Development has received four bids for a small executive condominium (EC) site in Sembawang. The highest bid, from the JBE unit, was S$691.92 per square foot per ratio (psf ppr), totaling S$197.78 million. Other bids stretched from S$558.85 psf ppr by a consortium including ABR Holdings and others to a modest S$381 psf ppr from Sim Lian Group.

Market experts anticipated a higher bid, considering the Sembawang area’s new developments and its proximity to the Canberra MRT station. The S$692 psf ppr bid seems to show some reluctance from developers regarding private housing demand in this locality. In the larger context, the site has also drawn attention due to its land area of 18,968 square meters.

Furthermore, UOL has finalized the sale of Kinex mall for S$375 million, contributing to ongoing efforts to restructure its property holdings.