URA received 13 bids at the close of the tender for the residential site at Tanah Merah Kechil Road on July 31. The site was released for tender under the confirmed list of the 1H2012 Government Land Sales programme. The top bid of $285.2 million came from Fragrance Group and World Class Land, which works out to $676 psf ppr, and a breakeven of just below $1,000 psf, estimates Eugene Lim, KEO at ERA Realty Network. This implies a selling price of between $1,200 and $1,300 psf for the new project. The high number of bidders for the tender also showed that developers remain optimistic about the potential of suburban projects within walking distance to MRT stations.
No comments:
Post a Comment