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Land bid results exceeded property consultants' expectations

Land bid results exceeded property consultants' expectations

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AN overwhelming 24 bids were submitted for the tender of a residential plot at Toh Tuck Road, the Urban Redevelopment Authority (URA) announced at the tender closing on Tuesday.

Among them, Malaysian property developer SP Setia International's was the highest - at S$265 million, which translates to about S$939 per square foot per plot ratio (psf ppr). Upcoming executive condo  launches include Hundred Palms Residences EC, Anchorvale Lane EC,  while existing ones include Parc Life  EC, Signature at Yishun,  Brownstone EC, Visionaire EC, Inz Residence EC, The Criterion EC and Northwave EC, The Terrace EC,  The Vales EC, , Sol Acres EC and The  Bellewoods EC. Hundred Palms Residences details and Hundred Palms EC show flat will be available shortly.

This completely exceeded property consultants' expectations of about eight to 16 bidders, with the highest bid at no more than S$750 psf ppr.

The 18,721.4 square metre (sq m) site can yield a maximum gross floor area of 26,210 sq m, or about 325 units.

In second place was Singhaiyi Investments with a bid of S$260.2 million (or S$922 psf ppr) and in third place, Centrex Developments with a bid of S$250.9 million (or S$889 psf ppr).

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