Commonwealth Towers pricing details are not available yet, but a look at the land tender cost may help with estimates of prices.
To recap, this land parcel at Commonwealth Avenue in the heart of the Queenstown HDB estate, is in an attractive location right next to Queenstown MRT Station.
This parcel, zoned for a residential condominium development, has a site area of over 130,000 sq ft, or a maximum GFA (gross floor area) of 637,500 sq ft.
The top bid, at S$562.8 million for this site, came from a consortium comprising subsidiaries of City Developments and Hong Leong Holdings: Verwood Holdings, Intrepid Investments and Hong Realty.
This works out to S$883 per sq ft per plot ratio.
The top bid beat earlier projections, and was 2.46 per cent higher than the second highest bid of S$549.2 million.
Indicative Commonwealth Towers Pricing Calculations
Property analysts estimate a breakeven cost of S$1,350 psf, which works out to an expected selling price of above S$1,600 psf.
Desmond Sim, associate director at CBRE Research said: “Prices fetched by the resale HDB flats in Queenstown are the most expensive in Singapore. A five-room HDB Strathmore unit is observed to be asking for up to S$100,000 cash-over-valuation, one of the highest transactions recorded.
Five-room and executive flats that are less than 10 years old fetched at around S$800,000 to S$1 million in some cases between the July-November 2012 period.”
The 99-year lease site was launched for tender by the HDB on December 18 last year.
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