29 Jun '16, 3am

River Valley Government Land Sales plot draws bid of $595 million #SingaporeProperty #PropertyNews

A plum River Valley site is set to sell for what is believed to be a record price for a Government Land Sales (GLS) residential plot outside of Sentosa Cove. The Martin Place site in District 9 drew 13 bidders, 10 of them local developers - a clear vote of confidence for the Singapore market. GuocoLand, which is controlled by Malaysian Quek Leng Chan, submitted the top bid of $595.1 million or $1,239 per sq ft per plot ratio (psf ppr). This was just above the next bid of $588 million or $1,224 psf ppr by companies also under the Kwek family - City Developments unit Verwood Holdings, Hong Leong Holdings unit Intrepid Investments, TID Residential, and Hong Realty unit Garden Estates. The offer price of $1,239 psf ppr would be a record for a pure GLS residential site and exceeds the $1,163 psf ppr cost for the Highline Residences site in April 2013 and the $1,157 psf ppr for ...

Full article: http://www.srx.com.sg/singapore-property-news/20872/river...

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