The 1.34 ha parcel at Lorong 1 Realty Park is for about 50 conventional or strata-titled landed homes. (Bottom) The land parcel at Stirling Road in Queenstown was triggered for sale after a developer committed to bid at no less than S$685.25 million
PUBLISHED MAY 18, 2017, 6:41 PM SGT
SINGAPORE – A sizeable land plot at Stirling Road has received a top bid of more than S$1 billion.
There were 13 bids for the Queenstown site. The tender for the 99-year leasehold plot which expected to yield 1,110 units, was closed on Thursday (May 18), with the top bid coming from a joint effort between Hong Kong’s Logan Property and Chinese developer, Nanshan Group.
It bid slightly more than S$1 billion for the 21,190 sq m site, translating to a price of S$1,050 per square per plot ratio, which is slightly above analysts’ expectations of between S$780 and S$1,000 psf, suggesting developers’ positive vibes about the property market.
Dr Lee Nai Jia, head of South-east Asia research at Edmund Tie and Company, said that he expected the break even price for the site to come in at about S$1,600 and S$1,700 psf ppr.
However, while the land bid may seem bullish, the price is actually reasonable, due to the location of the land parcel.
“While there are other developments in the area, most of them would have sold their units by the time this new project is launched.”
Nearby exisiting launches include: Commonwealth Tower, ARTRA , Principal Garden at Prince Charles Cresent, Highline Residences by Keppel developer, is uniquely located at Tiong Bahru.
With improved sentiment, Dr Lee expected stronger bids in upcoming launches of government land sales sites.
Source: http://www.straitstimes.com/business/stirling-road-land-parcel-draws-top-bid-of-more-than-s1-billion
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