Chappelis Pte Ltd submitted a top bid of $38.5 million for the Westwood Avenue residential site.

HDB said it received 32 bids, with the lowest one from Boon Keng Development, worth $16.8 million.

The second highest bid was $38 million, which came from a joint venture between Sunway Developments and Hoi Hup Realty.

Act-Nobel Homes completed the top three bids with its $35.1 million offer. Other bidders include Sim Lian Land, Sing Holdings, Soilbuild Group and Frasers Centrepoint.

The land parcel, which is located in Jurong West, has a total area of 14,098.9 sqm and is proposed to have a 99-year lease of landed housing development.

With its $38.5 million top bid, the selling price works out to around $254 psf. CB Richard Ellis (CBRE) said terrace houses built on the site are expected to have a selling price at around $1.25–S$1.30 million each.

"The alternative is cluster housing that can appeal to home buyers who are attracted by the facilities offered," said CBRE Research executive director, Li Hiaw Ho.

"Currently, houses in Westville and Westwood landed estates are sold in the resale market at $850,000 to $1.1 million each. Potential buyers could comprise locals working in the manufacturing firms in Jurong and Tuas, as well as academics at the nearby Nanyang Technological University," he added.

HDB will award the site after two weeks, when all the bids have been evaluated.
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