S P Setia tops S’pore’s Toh Tuck site tender bids

An overwhelming 24 bids were submitted for the tender of a residential plot in Toh Tuck Road, the Urban Redevelopment Authority announced at the tender closing yesterday.

SINGAPORE (April 12): An overwhelming 24 bids were submitted for the tender of a residential plot in Toh Tuck Road, the Urban Redevelopment Authority announced at the tender closing yesterday.

A Business Times report said among them, Malaysian property developer S P Setia International’s was the highest, at S$265 million (RM835.93 million), which translates into about S$939 per sq ft per plot ratio (psf ppr).

This completely exceeded property consultants’ expectations of about eight to 16 bidders, with the highest bid at no more than S$750 psf ppr.

The 18,721.4-sq m site can yield a maximum gross floor area of 26,210 sq m or about 325 units.

This article first appeared in The Edge Financial Daily, on April 12, 2017.

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