“The
number of bids and the profile of bidders reflect the prominence of this plum
site at Martin Place. It is no surprise that the price per sq ft per plot
achieved the highest psf level for a pure residential GLS site. The number of
prime, purely residential sites available on the market is very limited, and
developers are still hungry for such sites as a result. The developers who
participated in the tender were attracted by the affordable quantum. They were
planning forward, encouraged by the recent success of Cairnhill Nine. The
winner will be able to take advantage of launching a product that suits the
market, at an opportune time when the market recovers, either because of a
tweak in measures or when the market recovers.
The last time a site was made available in the vicinity was back in March 2011 at Robertson Quay ($938 psf ppr). In addition, the last site awarded in District 9 was the Mount Sophia site back in September 2013 ($1,157 psf ppr).”
Disclaimer:
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