18 May '17, 11am

Foreign developers jointly bid over $1 billion for Queenstown site

The top bid of just over $1 billion for the Stirling Road site translates to a land price of about $1,050 psf. (Photo: URA) The tender for a 2.11ha residential site at Stirling Road in Queenstown attracted substantial interest from developers, with a total of 13 bullish bids submitted at the close of the tender exercise on Thursday (18 May), said the Urban Redevelopment Authority (URA). Hong Kong-listed Logan Property and Nanshan Group from China jointly submitted the highest bid of just over $1 billion. The second-highest bid of $925.7 million came from MCL Land, followed by a $901 million offer from OUE. Dr Lee Nai Jia, Head (SEA) Research at Edmund Tie & Co., said the winning bid works out to about $1,050 psf per plot ratio, which means the breakeven price will likely be around $1,600 psf to $1,700 psf. He revealed that the average price for other developments in the Qu...

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

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