A STATE land site in the Queenstown area drew interest from just two developers, with Hong Leong group units and GuocoLand putting in a top bid of S$497 million or S$1,154 per square foot per plot ratio at the close of the tender on Thursday (Aug 1).
The top bid of S$497 million came in 4.7 per cent higher than Sing Holdings Limited and Cedar Investments’ bid of S$473.6 million or S$1,100 psf ppr.
The two bids for the Margaret Drive site, which can yield around 460 new homes, were at the lower end of expectations indicated by analysts previously. Up to three bids were expected, ranging from S$1,150 to S$1,250 psf ppr, given the plot’s attractive location on the city fringe and its palatable size.
In comparison, the tender for the last Government Land Sale residential site in the area – where 99-year leasehold condo Stirling Residences now stands – drew 13 bidders in 2017 The winning bid was more than S$1 billion or S$1,051 psf ppr.
The land parcel at Margaret Drive measures 9,522.3 sq m and has a maximum gross floor area of 39,994 sq m.
Separately, an executive condominium (EC) parcel in Jalan Loyang Besar fetched four bids. The highest was S$557 million or S$729 psf ppr from CNQC International, China Communications Construction Company, and ZACD Laserblue.
Just a shade lower was Allgreen Properties and China Construction (South Pacific) Development Co’s bid of S$538.9 million or S$705 psf ppr.
This was followed by the offer from Sim Lian Land and Sim Lian Development at S$460.9 million or S$603 psf ppr – around 17 per cent lower than the S$557 million top bid.
These bids were generally within forecasts of S$650 to S$760 psf ppr for the 28,405.5 sq m site, though more bids were expected, given the saleability of ECs in general and pent-up demand in the Pasir Ris area.
