Site at Upper Serangoon draws 15 bids
A plum residential site near Potong Pasir MRT station and good schools has attracted bids from no fewer than 15 ppty developers, far more than in recent successful tenders. Despite the recent stock market turmoil, the top bid was close to market expectations, at $185 million from low-profile diversified ppty group Tuan Sing Holdings.
The crowded field of developers vying for the Upper Serangoon Rd site is considerably larger than the number for successful land parcel tenders in May and June – fewer than 10, on average. The 0.87ha site is able to yield 330 units in blocks of up to 5 storeys.
Tuan Sing's bid was a mere 3.5% higher than the 2nd highest bid of $179 million. The top bid translates to $567 psf ppr. The tender for the site, which closed yesterday, attracted a mixed bag of bidders, ranging from industry big boys such as Far East Organization and Frasers Centrepoint.
Several contractor-developers such as Qingdao Construction took part as well. Bids for the site were spread across a wide range, from $567 psf ppr down to just $240 psf ppr.
The 99-year leasehold site is nestled between Upper Serangoon Rd and Pheng Geck Ave. It has a gross plot ratio of 3.5 and can be developed up to a maximum GFA of 326,394 sq ft. The plot of land is located directly opposite the Potong Pasir MRT station, with future residents able to travel to the Central Business District within 10 minutes. Well-established educational institutes such as Cedar Girls' Secondary School and St Andrew's Secondary School and St Andrew's Junior College are located within the neighbourhood.
Source : The Straits Times, 12 Aug 2011
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