Mainland Chinese To Develop Homes

Wednesday, 7th March 2012

The Urban Redevelopment Authority (URA) announced that it has awarded the tender for a private residential site at Hillview Avenue to Kingsford Development Pte. Ltd. (UEN: 201100502C), a company owned by three mainland China nationals, for S$243.2 million. 99-year 136,148 sq. ft. (381,214 sq.ft. floor area) in Hillview area that can yield 370 homes.

Private Housing Cost Of Development:
Land Price $243m = $638 psf (per sq. ft.)
Construction Cost = estimated $362 psf
Total Cost = $1,000 psf
Profit = $200 psf

Estimated Selling = $1,200 psf

So a typical Mickey Mouse (or shoebox) apartment unit will probable sell for about $650,000 each.

Note: Competitive Bid NOL $204m, MCL $191m.

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