A 99-year leasehold residential site (pictured) at Tampines Avenue 10 has received overwhelming response attracting a total of 10 bids when its tender closed yesterday, according to the Urban Redevelopment Authority (URA).
MCC Land (Singapore) submitted the top bid of S$289.7 million for the 184,000 sq ft site, launched for sale on 15 May. This works out to S$562 psf ppr.
According to Desmond Sim, Associate Director at CBRE Research, the highest bid “exceeded expectations, given that this is the first tender since the TDSR measures were announced”.
“The relative closeness of the first three bids reflects once again the insatiable appetite that developers have for land. In addition, the total quantum for the site appears to be more palatable to a wider range of developers.”
The top bid is 7.6 percent higher than the second highest bid of S$269.2 million jointly submitted by UOL Venture Investments and Kheng Leong Company.
CBRE expects the new project to launch at around S$1,200 psf, with the break-even cost at between S$1,000 and S$1,050 psf.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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