A residential site at Tampines Avenue 10 drew 12 bids at the close of the auction on Tuesday (Apr 28), indicating strong demand from developers despite the soft property market.
The Urban Redevelopment Authority (URA) said the 15,660.4 square metre 99-year leasehold site attracted a top bid of S$227.78 million from MCC Land (Singapore). This works out to around S$5,194.53 per square metre of gross floor area, or about S$483 per square foot.
Mr Desmond Sim, head of CBRE Research (Singapore & South East Asia), said: “As expected, a healthy number of bids was received for the Tampines Avenue 10 site as developers are running low on land and are looking to replenish sites.”
According to URA, the Tampines Avenue 10 (Parcel D) site can yield about 490 private residential units. URA had launched the site for public tender on Mar 17.
URA said a decision on the award of the tender will be made at a later date after the bids have been evaluated.
Source : Channel NewsAsia – 28 Apr 2015