Ho Bee puts in highest bid for Buona Vista mixed site

SINGAPORE, (July 28, 2010) - Chua Thian Poh's Ho Bee Developments has submitted the highest bid of S$411 million for a land parcel located at North Buona Vista Drive.

The site, to be used for commercial development, was launched for sale by JTC Corporation.

Located next to the Buona Vista MRT station, the plot has a land area of 17,994 square metres.

The total allowable gross floor area is 111,565 square metres, out of which 2,000 square metres is to be set aside for retail space. Forty per cent of the space can be used for residential or serviced apartments.

Ho Bee said the total estimated development cost for the project is about S$1 billion. The Group expects rental for the office units to fetch around S$5psf and intends to lease out the property for recurring income upon completion of the project in about 4 to 5 years time.