1 The Singapore Land Authority (SLA) has awarded the residential development at Woodlands Avenue 2/Rosewood Drive to EL Development Pte Ltd, who bidded $56 million for the site. EL Development is the property development arm of Evan Lim & Co Pte Ltd. Their past projects include the high end residential project, Rhapsody on Mount Elizabeth, which was launched in 2006 and niche development like The Alcove, a 102 units development in Geylang.

2 "Rosewood at Woodlands: Where the Good Life Blooms" attracted a strong turnout of eight bids. The range of bids was between $36.4 million and $56 million. The number of bids for this project shows that there is still a good and sustained demand from the mass market, despite the recent turbulence in the global financial markets. More importantly, it shows that properties in the suburban areas such as Woodlands are gaining popularity among the public and developers. According to recent media reports, rents in the Woodlands and Mandai area have surged between 25% and 30% in the 3rd quarter of 2007, recording one of the highest growth rates in the industry.

3 Said SLA’s Deputy Director of Land Sales, Mr Teo Jing Kok: “We are very pleased with the tender results for this site. Buyers are sending a clear signal that they are confident of Singapore’s economic outlook and that quality developments located in the heartland is an attractive proposition for those who wish to upgrade to private housing.”

4 The 16,000 sqm site was offered for sale on a 99-year lease. International property consultant, Colliers International, was appointed by the SLA to provide marketing services for the site.

-End-

Issued by:
The Singapore Land Authority
27 November 2007