27 Nov '14, 3am

Upper Thomson site draws 18 bids

Comment E-mail to friend Bookmark & Share The tender for a residential site at Lorong Puntong near Upper Thomson Road closed yesterday after attracting a stunning 18 bids, according to the Urban Redevelopment Authority (URA). Launched for sale in August, the 10,502.8 sqm site has a maximum permissible gross floor area (GFA) of 22,056 sqm. The highest bid was submitted by China-based Nanshan Group, with an offer of $173.6 million. That translates to around $7,870 psm on the GFA. This was followed by a $161.9 million bid from SL Capital Ventures. The lowest bid was from Tee Vista at $108 million. Property analysts had expected strong demand for the 99-year leasehold site due to its small size which commands a smaller quantum of below $200 million. “Generally, the bidders were probably also encouraged by the good attributes of the site. The site is located in a mature estate,...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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