A PLOT in Upper Thomson Road has been triggered for sale after an unnamed developer committed to bid at least $82 million for the site.
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The bid – it works out to $174 per sq ft per plot ratio – comes less than a fortnight after government measures to rein in the property market and indicates that developers are still keen to chase residential sites.
The 2.08 ha plot, which is near Lower Peirce Reservoir Park and Bishan Park, has been available on the reserve list since April last year.
It could go for tender only if a developer indicated interest by committing to a minimum bid acceptable to the Government.
A tender for the site will now be launched in two weeks, said the Urban Redevelopment Authority (URA) yesterday.
Experts say the plot, which can generate a maximum gross floor area of 43,781 sq m, has plenty of appeal, even though it is not near an MRT station.
CBRE Research executive director Li Hiaw Ho said it is likely to sell at between $375 psf and $425 psf per plot ratio.
The developer could probably launch the new project at $800 psf to $850 psf, he added. Continue reading
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