Toh Tuck Road Land Parcel
PUBLISHED Tuesday, April 11, 2017
An overwhelming 24 bids were submitted for the tender of a residential plot at Toh Tuck Road, the Urban Redevelopment Authority (URA) announced at the tender closing on Tuesday.
Out of which, Malaysian property developer SP Setia International’s was the highest – at S$265 million, which translates to about S$939 per square foot per plot ratio (psf ppr).
This completely exceeded property developers’ expectations of about 8 to 16 bidders, with the highest bid at no more than S$750 psf ppr.
The 18,721.4 square metre (sq m) Toh Tuck Condo site can yield a maximum gross floor area of 26,210 sq m, or about 325 units.
In second place was Singhaiyi Investments with a bid of S$260.2 million (or S$922 psf ppr) and in third place, Centrex Developments with a bid of S$250.9 million (or S$889 psf ppr).
Aggressively bid of land price by developers due to tapered supply of land sales by government and improved market sentiments.
Another recent land bid from Chinese developer Qing Jian Realty had successfully bidder for Bukit Batok West Ave 6, a mixed commercial cum residential development which expected to launch in Q3 2017.
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