Plump Land Parcel In River Valley Attracts Top Bid
Guocoland submitted the highest bid of $595.1 million or $1239 per square foot per plot ratio (psf ppr) for the District 9 plump site at Martin Place. A total of 13 bidders were drawn to the attractive Government Land Sale (GLS) parcel, out of which 10 are local developers. This is a clear sign that market is still upbeat for well–located areas.
GuocoLand’s bid price is only 1.19% higher than the 2nd bidder, City Developments unit Verwood Holdings, Hong Leong Holdings unit Intrepid Investments, Hong Realty unit Garden Estates and TID Residential.
The record price of $1,239 psf ppr by GuocoLand is higher than the Highline Residences plot in April 2013 bided at $1,163 psf ppr and the District 9 Sophia Hills plot in September 2013 bided at $1,157 psf ppr.
This Martin Place site can support about 450 residential units and its bid price at $595.1 million is lesser than a $624.2 million Siglap Road Condo site next to Victoria School fronting the East Coast sea bided in January 2016. The Siglap Road land parcel is able to support 800 to 900 units.
Price of the Martin Place 99-year GLS condo site could be set at about $2,300 psf. Analysts say developers are bullish on the tender of this site as they are encouraged by the strong sales of Cairnhill Nine in their May 2016 launch.
It all goes to show that strong bidding in the prime residential market by Singapore developers points to a confident property market.
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