Punggol Central site gets top bid of $206.2m from Wee Hur

A Government Land Sales site in Punggol has received a top bid of $206.2 million.

The public tender closed on Thursday with 13 bids received.

Wee Hur Development is the top bidder for the Punggol Central site.

Opal Star put in a bid of $200.88 million and Lum Chang Building Contractors, $198.42 million.

This is the first condominium site tender to close since the latest property cooling measures were announced on 7th December.

Nicholas Mak of SLP International Property Consultants notes that Wee Hur’s bid is 13.2 percent lower than a nearby sold in 2010.

He says the bid reflects an increased level of caution, mainly due to the perception of higher risk in 2012.

Source : Channel NewsAsia – 15 Dec 2011

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