29 Feb '16, 3pm

Singapore Property News This Week #249

A residential site at New Upper Changi Road, near Tanah Merah MRT, was sold for $419.38 million or $761 psf ppr. This is higher than what market experts had predicted previously. Ong Teck Hui from JLL said that the top bid for the site reflects the bidder’s confidence in the market. He added that the pricing is expected as another site along Siglap Road was also sold for $858 psf ppr in January this year. Ong said that market conditions are expected to improve by 2017 and cooling measures might be eased by then, as such, firms may be more willing to bid during the tender. Nicholas Mak from SLP International added that an absence of strong competing projects by the time the development is ready to launch in 2017 could have also contributed to the high bid price. The site which has a 99-year lease term, has a land area of 24,394 sq m and an allowable gross plot ratio of 2.1....

Full article: https://www.propwise.sg/singapore-property-news-this-week...

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