Lorong Puntong residential site attracts 18 bids

A residential land site at Lorong Puntong attracted 18 bids at the close of a tender by the Urban Redevelopment Authority (URA) on Wednesday (Oct 8).

The highest bid of S$173.57 million was submitted by Nanshan Group Singapore Co. Pte Ltd. This works out to about S$731.10 per square foot per plot ratio (psf ppr).

The top bid is about 7 per cent higher than the second-highest bid of S$161.9 million by SL Capital Ventures. Meanwhile, the lowest bid of S$108 million was submitted by Tee Vista Pte. Ltd.

The 99-year lease site near the Thomson area has a land size of 10,502.8 square metres.

Head of CBRE Research Mr Desmond Sim said in a statement that the high number of bidders is because the plot is relatively small and will command a smaller quantum of below S$200 million. “This gives a good opportunity for new players to put in a competitive bid to enter the market,” he added.

Analysts expect the developer to build about 280 units on the site.

URA said the award of the tender will be announced at a later date.

Source : Channel NewsAsia – 8 Oct 2014