The tender for a residential site at Lorong Puntong near Upper Thomson Road closed yesterday after attracting a stunning 18 bids, according to the Urban Redevelopment Authority (URA).
Launched for sale in August, the 10,502.8 sqm site has a maximum permissible gross floor area (GFA) of 22,056 sqm.
The highest bid was submitted by China-based Nanshan Group, with an offer of $173.6 million. That translates to around $7,870 psm on the GFA.
This was followed by a $161.9 million bid from SL Capital Ventures. The lowest bid was from Tee Vista at $108 million.
Property analysts had expected strong demand for the 99-year leasehold site due to its small size which commands a smaller quantum of below $200 million.
“Generally, the bidders were probably also encouraged by the good attributes of the site. The site is located in a mature estate, supported by a comprehensive network of amenities and renowned schools,” said Desmond Sim, Research Head for CBRE Singapore.
He added: “The future Thomson Line will certainly be a selling point because the site is situated in-between two future MRT stations.”
With previous projects in the area selling well, this would have further boosted developers’ confidence in the plot, noted Sim.
“The bidders have also benefited from studying the market for a longer period post-TDSR and now have a better sense of price levels.”
Photo by URA
Romesh Navaratnarajah, Singapore Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
