Koh Bros / Heeton

Koh Bros / Heeton: A JV between Koh Brothers unit Changi Properties and Heeton Homes has made the top bid of $198.9m for a Jurong West EC site. The price works out to $382 psf ppr for the 186,052 sq ft land parcel, just above the high end of market expectations of between $285-380 psf ppr. Consultants expect the break-even cost to be from $650 to $750 psf, and the selling price to be around $800 psf to $820 psf. The site is estimated to yield 485 homes and is on a 99-year lease. The tender was hotly contested with 12 bids, despite recent cooling measures introduced in the EC space.