25 Jan '14, 4am

Geylang reserve list site draws $146m top bid, Singapore Property News, Singapore Property Guides & Articles

Geylang reserve list site draws $146m top bid, Singapore Property News, Singapore Property Guides & Articles

A SMALLISH plot at Geylang East Avenue 1 has drawn keen interest - 16 developers bid - and reeled in a top bid of $145.9 million, or $775.96 per square foot per plot ratio (psf ppr) from Sustained Land's SL (Serangoon). This is the second highest number of bids that a government land sales (GLS) tender has attracted to date in the GLS programme for 2013, noted Nicholas Mak, executive director at SLP International. The tender for the condominium site at Faber Walk in Clementi, which closed in June last year, drew 18 bids. "The high number of bids is partly due to many developers becoming more selective of the development sites they would acquire. These developers prefer well-located sites that are relatively small, preferably not exceeding 500 units per site," he said. Another factor could be that there aren't many attractive sites in the H1 2014 GLS programme's confirmed l...

Full article: http://www.stproperty.sg/articles-property/singapore-prop...

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