The tender for a residential site along Alexandra Road was officially closed yesterday, with a total of seven bids received.
A consortium comprising Sunmaster Holdings Pte Ltd, Intrepid Investments Pte Ltd and Garden Estates (Pte) Limited, submitted the top bid of S$396 million (S$754.38 psf ppr).
“At a land cost of S$754.38 psf ppr, new home units at the site are likely to breakeven in the region of about S$1,300 psf,” said Chia Siew Chuin, Director of Research & Advisory at Colliers International.
“The keen interest and bidding by the consortium is spurred by the rare availability of an attractive site situated in a convenient and established location at the city fringe area that is generally popular with home buyers/investors.”
Tanglin Land Pte Ltd offered the second highest bid at S$363 million, while Multi Wealth (Singapore) Pte Ltd was the lowest bidder at S$318.30 million.
Located next to Redhill MRT station, the site has a total area of 9,952.6 sq m and a maximum permissible gross floor area (GFA) of 48,768 sq m.
Li Hiaw Ho, Executive Director of CBRE, noted, “The future development will be a high-rise development of over 40 storeys, comprising some 550 apartments. Units on high floors will offer a good view of the city.”
Meanwhile, property developer CEL Development Pte Ltd secured the tender for a 99-year leasehold hotel site at Jalan Bukit Merah/Alexandra Road for S$189 million.
Launched for sale on 5 October 2011, the site has an area of 7,946.2 sq m and a maximum GFA of 22,249 sq m.
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