City Dev

City Dev: its JV with TID Residential submitted a top bid of $226m ($350 psf ppr) for a 2.85ha executive condo (EC) site in Canberra Drive near Sembawang Shopping Centre. The price was within market forecasts of $320 to $380 psf ppr, but lower than the winning bids (between $355 to $382 psf ppr) for other recent EC sites, reflecting caution amongst developers. City Dev plans to build an 11 storey mid-rise project with an estimated 660 units. Market watchers tip a selling price of ~$750 psf,