High bids received for residential site near Queenstown MRT station

A residential site near the Queenstown MRT drew a top bid of S$483.18 million at the close of a tender on Tuesday (Jun 23), indicating strong demand from developers for well-located sites in mature housing estates.

The Housing and Development Board (HDB) said the 10,516.1 sqm, 99-year leasehold site at Dundee Road attracted a total of nine bids, with the highest bid coming from HY Realty, which works out to around S$9,377 per sqm of gross floor area, or about S$871 per sq ft.

The site can yield around 645 private residential units. Alternatively, developers may, with prior written approval, build a mix of flats and strata landed houses.

The strong bidding for the Dundee Road site comes less than a week after a residential site in Toa Payoh near the Braddell MRT station attracted a staggering 14 bids. HDB said a decision on the award of the tender for the Dundee Road site will be made at a later date after the bids have been evaluated.

Source : Channel NewsAsia – 23 Jun 2015

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