Although some property consultants had guessed bids of around $900 psf, Principal Garden tendered $463.1 million, or $821 per sq ft per plot ratio (psf ppr), for the 268,713 sq ft. The winning bid is 5 per cent more than the second-highest offer of $440.2 million by three joint bidders, City Developments Limited's Verwood Holdings, Hong Leong Group's Intrepid Investments and Hong Realty's Garden Estates.
"The lower land price also extends flexibility to the winning bidder in determining the final product price," - CBRE research head Desmond Sim
The 99 year leashold Principal Garden Condo is expected to be priced realistically to attract buyers. The 24 storey development with about 663 units has excellent city fringe locale, extensive transportation connectivity and close proximity to an ample of amenities.
More than that, other properties such as Alex Residences, Echelon and The Crest in the vicinity also show the strong demand. 150 units at the preview of Alex Residences have been snapped up.
With lower land price, Principal Garden is expected very competitive. We believe that the new launch condo at Prince Charles Crescent will be very hot soon.
See more: Principal Garden Price