Hong Leong puts in top bid of $280 psf ppr for the plot in Pasir Panjang
An impressive 13 bids were received for a residential site at Chestnut Avenue in Bukit Panjang at the close of the tender yesterday, reflecting the renewed interest and the growing positive outlook among developers for mass market residential projects.
And the top bid of $143.7 million – or $280 per square foot per plot ratio (psf ppr) – put in by two companies in the Hong Leong Group stable was also much higher than expected by analysts, who had predicted a top bid of $200 psf ppr just a month ago.
Analysts said that developers are looking to restock their landbanks after selling a large number of homes – mostly in the mass market – over the past few months.
‘The level of interest shown by the bidders of this site at Chestnut Avenue indicate a growing appetite for mass market projects, especially so Continue reading
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