Evia Real Estate consists of a group of firms that make up one larger firm. It is a firm that consists of OKP Land, BBR Developments, and also CNH Investment, the firm being based in Singapore. It is aiming to increase its share of the real estate market on the island.
In June this year Evia Real Estate managed to table the highest bid for a residential building site in Toa Payoh. The land parcel made available attracted a total of 14 bidders, and they all keenly contested their tender bids. This land is on the outskirts of Singapore city and should have plenty of people wanting to move into the new housing units. Similar units that have been built on similar projects have been selling really well of late, so developers want to get in on the act.
Evia Real Estate won the tender with the highest bid of 4755 per square foot (psf), with experts predicting a break even price of roughly $1,250 psf per unit. These experts expect an initial price in the region of $1,450 and $1,500 psf. That would provide a good return on the firm’s investment.
Besides Evia Real Estate has already successfully developed housing in the form of the Lake Life EC project, which is located within the Jurong Lake District. Further more the Lake District Project has now completely sold out. That success provided extra incentives to bid on the Toa Poyah tender. It also meant that other firms were keen to be awarded development projects so that they could make profits too.