24 Feb '11, 3pm

[ST] CapitaLand bids $550m for land near Bishan MRT

A PRIME slice of government land near Bishan MRT sparked a bidding war that involved 19 developers and delivered a top offer that was more than twice market expectations. The remarkable turnout - it is the largest number of bidders since 32 developers squared off over a Jurong West site in 2009 - shows the level of confidence in the property market despite January's cooling measures. Analysts had expected a price of $303 million for the residential site but CapitaLand easily trumped that with an offer of $550 million, or $869 per square foot per plot ratio. The property giant firm wants to build a high-rise condo at least 36 storeys. Capitaland was up against a who who's of Singaporean and regional developers, including Keppel Land and Far East Organization, Beijing-based MCC Land (Singapore) and mid-sized plus boutique players such as Han Chee Juan's Teneriffe Development...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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