UNITED Engineers (UE) has emerged as the top bidder for HDB's latest Design, Build and Sell Scheme (DBSS) site in Ang Mo Kio, the government agency said yesterday.

UE's bid - which was the highest of five - came in at $134.2 million, or some $212 per square foot per plot ratio (psf ppr).

The amount was higher than analysts' estimates, who said that the public housing site could fetch between $170 and $200 psf ppr when it was launched.

UE's bid was 12.8 per cent higher than the second-highest bid of $118.9 million, or $188 psf ppr, which was put in by Chip Eng Seng.

UE's bid was also 20.9 per cent higher than the lowest bid of $111 million, or $175 psf ppr, put in by Boon Keng Development.

The two other bidders were the Sim Lian Group and a partnership between Straits Construction subsidiary Hoi Hup Realty and Sunway Concrete Products, which is part of the consortium that won the DBSS site in Boon Keng Road earlier this year.

The Ang Mo Kio land parcel has a site area of 180,716 sq ft, with an allowable gross floor area of 632,506 sq ft. It is close to the Ang Mo Kio town centre with its MRT station, bus interchange and the AMK Hub.

The development will target HDB upgraders or en bloc sale downgraders, said analysts, who predict that the take-up for any project coming up on the site should be good because the stock of vacant HDB flats has fallen of late.

UE will be required to build a minimum of 30 per cent of the flats with a floor area of 95 sq m (1,023 sq ft) or less - equivalent to flats of four rooms or smaller.

CBRE Research estimated that the site can yield more than 500 units.

UE's shares closed 10 cents down at $3.70 yesterday. The company's stock has climbed 49.8 per cent since the start of the year.

ANOTHER condo-like public housing is coming up, this time in the heart of bustling Ang Mo Kio.

Developer United Engineers, through its subsidiary Greatearth Developments, is launching its 578-unit project for sale next Wednesday.

Located at Ang Mo Kio Street 52, Park Central@AMK offers four 30-storey towers with four and five room flats.

Every unit will come with condo-style trappings such as built-in wardrobes, kitchen cabinets, air-conditioning system.

The average selling price will range from $490 per square foot to $500 psf, or between around $400,000 to just below $700,000.

Park Central is the third project under the Housing Board's Design, Build and Sell Scheme (DBSS), which allows private developers to design, build and price the HDB flats for sale.