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99-year condo site in Toa Payoh draws 14 bids

A 99-year leasehold private condo site in Lorong 6/Lorong 4 Toa Payoh fetched 14 bids at a state tender that closed on Thursday.

The top bid of S$345.86 million or S$755.30 per square foot per plot ratio (psf ppr) was from a consortium comprising Evia Real Estate (7) Pte Ltd, Maxdin Pte Ltd and Gamuda Berhad.

Sing Holdings made the second highest bid of S$747.09 psf ppr.

Also bidding at the tender was a tie-up between UOL Venture Investments and Singapore Land unit Singland Homes, which offered S$740.32 psf ppr for the site .

Frasers Centrepoint’s FCL Tampines Court teamed up with Sekisui House and Keong Hong Construction’s KH Capital for a S$740.08 psf ppr bid. The lowest bid, from Cheung Kong Holdings’ Best Desire Investments Limited, was S$400 psf ppr.

The 1.2 hectare site can generate an estimated 535 homes.

The tender was conducted by Housing & Development Board, acting as land sales agent for the state.

Source: BT

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