Desmond Sim, Head,
CBRE Research, Singapore and South East Asia
exceptionally high number of bids reflects developers’ heightened keenness to
shore up their land banks in the face of a dwindling number of residential
plots for sale. The first seven bids came in at above $800psf, with a 1.8 per
cent margin between the top two bids. This is a very clear indication that the
window of opportunity through government land sales has tightened. The plot’s
attractive quantum of $265 million gave developers’ the extra nudge, along with
increasing confidence in the market’s possible recovery in the medium term.
The bid value may be relatively high but the manageable project size of
around 325 units makes it a less risky proposition.
site is along Upper Bukit Timah, nestled within an established residential
estate of both public and low rise private housing surrounded by a host of
amenities including local, international schools and tertiary institutions,
shopping centres and transport nodes.
Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.
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