THE first land tender exercise since the Government announced measures to calm the property market closed yesterday with a bullish top bid well out of sync with the other leading offers.
Far East Organization lodged a bid of $119.08 million for the mainly residential site at the corner of Yio Chu Kang Road and Seletar Road.
RELATED LINKS 
TOP 5 BIDS
This was 35 per cent higher than the second bid and nearly 2-1/2 times higher than the lowest offer of $48.8 million.
The site is on the reserve list, which means that it was put up for tender only after a developer triggered its sale by committing to a minimum acceptable bid.
There were 12 bidders in all – more than expected – including high-profile developers such as Frasers Centrepoint, Sim Lian Land and Ho Bee Investment.
The Far East bid, which works out at $376.29 per sq ft (psf) of gross floor area, was ’surprisingly bullish’ as the site is in a sleepy area that is not near an MRT station, said property consultant Nicholas Mak, a Ngee Ann Polytechnic lecturer.
The 99-year leasehold site also has a height restriction of five storeys. Continue reading
Lush Dream Home 