CBRE Comments: Tender Closed for Toh Tuck Site

Desmond Sim, Head, CBRE Research, Singapore and South East Asia

The 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.   
The 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.


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