A residential site in Upper Serangoon has received a top bid of S$113.7 million offered by property developer Qing Dao Construction. This translates to about S$607 psf.
It was the second highest bid recorded for a 99-year leasehold land site sold by the government for non-landed housing in the city fringe area, according to Colliers International.
The public tender by URA received a whopping 15 bids for the site.
The 99-year leasehold site, which is located at Upper Serangoon Road and Peng Geck Avenue, was zoned for residential development.
The second highest bid was S$110.6 million from SP Setia International, while the third highest bid was offered by Realty Consortium for S$95.3 million.
The site’s minimum offer price was S$60 million.
Based on the top bids, the units in the new project could possibly sell above S$1,000 psf, said property consultancy firm CB Richard Ellis.
It also noted that the bids indicated that many developers are confident of sites that are located near the proximity of MRT stations.
Units at nearby developments like 8 @ Woodleigh and Woodsville 28 were transacted in the sub-sale market between S$880 and S$1,130 psf during the first quarter of this year.