Top bid for Serangoon land parcel higher than expected at $221m
DEVELOPERS have again shown how hungry they are for land.
Top 5 biddersHong Leong Holdings has topped the tender for a popular condominium land parcel at Serangoon Avenue 3, which attracted a whopping 15 bids at its close yesterday.
The top bid, made through Intrepid Investments, came in higher than expected at $221.2 million, or $529 per sq ft (psf) of gross floor area. It is about 13 per cent ahead of the second highest bid of $195.9 million, or $468.3 psf of gross floor area, from Far East Organization’s Tuas Hi-Tech Park.
The high offer price is 164 per cent above the trigger bid of $83.7 million, or about $200 psf of gross floor area. This is the minimum bid submitted by a developer to trigger a site for sale from the Government’s reserve list.
Analysts had mostly expected the 1.38ha plot next to Lorong Chuan MRT station to draw bids of between $350 psf and $450 psf. Continue reading
Lush Dream Home 