29 Nov '12, 5pm

Bishan residential site attracts 9 bids

A residential site at Bishan Street 14 has attracted nine bids. The top bid of S$505.1 million came from Allamanda Residential Development, a wholly-owned subsidiary of property developer CapitaLand. That is about 3.1 per cent higher than the second bid jointly placed by Singland Homes, UOL Venture Investments, and ORIX Investment and Management. Analysts had expected CapitaLand to submit a strong bid for the site, which is located adjacent to a plot where its Sky Habitat project is being built. Donald Han, special advisor at HSR, said: “They would not want a competitor to get the site and undercut its pricing. It is about CapitaLand protecting its turf and protecting the pricing in the area. “With this site, they will also be able to amalgamate different concepts with Sky Habitat.” The top bid for the 99-year leasehold site works out to S$853 per square foot per plot rati...

Full article: http://lushhomemedia.com/2012/11/29/bishan-residential-si...

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