A residential site at Upper Paya Lebar Road has attracted strong interest from developers, with seven bids submitted when the tender closed on Tuesday, revealed the URA.
UOL Overseas Investments submitted the highest bid of S$392.30 million, which works out to S$648 psf ppr.
It was followed by EL Development and a consortium comprising FCL Topaz, Far East Civil Engineering and Sekisui House, with bids of S$378.30 million and S$344.888 million respectively.
Located near Bartley MRT station and the Bartley Residences and Bartley Ridge condominiums, the site is also within proximity to Maris Stella Primary and Secondary schools.
"The healthy level of participation by developers shows emphatically that a well-located site that is within walking distance to major transportation nodes will still attract a reasonable level of interest, despite a slowdown in new private home sales as a result of the introduction of multiple cooling measures including the Total Debt Service Ratio (TDSR)," noted Chia Siew Chuin, Director of Research & Advisory at Colliers International.
Units at the new project are expected to have a selling price of "between S$1,300 psf and S$1,400 psf, pegged to the prices of Bartley Residences and Bartley Ridge," said Desmond Sim, Head, CBRE Research Singapore.
Image Source: URA.gov.sg
Christopher Chitty, Senior Content Producer at PropertyGuru edited this story. To contact him about this or other stories, email christopher@propertyguru.com.sg