The Punggol Field land parcel for executive condominium development has attracted a highest bid of $223.7 million, jointly submitted by ChoiceHomes Investments and CEL Development, translating to about $298 per square foot per plot ratio.

The next bid came from Hoi Hup Realty and Sunway Developments, which bid $215.2 million. 

At the closing of the tender by the Housing and Development Board (HDB) yesterday, a total of five bids were received for the reserve list site. This is much lower than the record-breaking number of bids for government land tenders over the last two months. The Simei Street 3 site, the Tampines Road site and the land site at Boon Lay Way and Lakeside Drive drew 18, 16 and 14 bids respectively.

However, the top two bids for the Punggol Field site were 51.5 per cent and 45.7 per cent higher than the minimum offer price of $147.7 million.

Analysts said the response of five bids is reasonable, given that it is within Punggol New Town and a five-minute walk to Punggol MRT station and bus interchange

"The top bid is within expectations, translating to a breakeven cost of around $580 to $600 psf. Units in this new project will possibly sell at about $650 psf. HDB residents from Punggol New Town will also find this an attractive upgrade option." said a property analyst.

The Punggol state land parcel has a site area of 22,497 sq m and a maximum gross floor area of 67,491 sq m. It was launched for public tender on May 5 and has a lease period of 99 years.

The HDB said it will decide the winner within the next two weeks. The project completion period is 48 months from the date the tender is accepted. - Todayonline, 16 June 2010