Sum far exceeds $82m trigger bid in tender that drew only six bidders
A CONDOMINIUM plot in Upper Thomson Road has attracted a much higher-than-expected bid from a mystery developer, even though the number of bids was well below recent levels.
Treasure Well Investments, whose parent company is Total Wonder Holdings – both unknown names here – put in a bid of $251.34 million, the Urban Redevelopment Authority (URA) said.
That far exceeds the $82 million trigger bid or $174 per sq ft set by URA for the 2.1ha 99-year leasehold site. It works out to $533 psf of gross floor area, a price that consultants said was aggressive.
The site can be developed into a condo of up to 20 storeys with about 400 units.
This highest bid was also 21 per cent above the second-highest bid of $206.8 million or $439 psf of gross floor area from Far East’s Tuas Hi-Tech Park.
The other bidders were Sim Lian Land, Frasers Centrepoint, Chip Eng Seng’s CEL Development and GuocoLand’s First Changi Development.
The plot, near Lower Peirce Reservoir Park and Bishan Park, was triggered for sale after an unnamed developer committed to bid at least $82 million for the site.
Property consultants suspect the top bidder could be a foreign player. Continue reading
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