Ho Bee Investment says unit Ho Bee Developments has submitted the highest bid of $410.99 million for the land parcel located at North Buona Vista Drive under a sale of site for commercial development by JTC Corporation.

The site with a land area of 17,994.4 sqm, is located next to the Buona Vista MRT station. The total allowable gross floor area is 111,565 sqm, out of which 2,000 sqm is to be set aside for retail space and 40% of the balance can be used for residential or service apartment.

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

The above tender bid is subject to the acceptance of JTC Corporation, which is expected within six weeks from 27 July 2010.

If the site is awarded to the group, the land and development cost of this project will be financed by the group’s internal funds and bank borrowings and is not expected to have any material impact on the group’s consolidated earnings and net tangible assets per share of HBI in the current financial year ending 31st December 2010.