A Top Bid Of $287.1 Million
The tender for the Fernvale Condo site was closed yesterday on the 27th September 2016. The site was put up for sale by public tender on the 16th August this year and several analysts have already expected fierce bidding on this plot. As it turned out, the competition was indeed fierce with a total of 14 bidders. In fact, the top 4 bids even exceed the market expected estimate of $272 million indicated earlier by the analysts.
While this is not the final confirmation of the tender award, it appears that developers are confident that units would find demand from buyers. This sentiment is likely due to the success of High Park Residences which is now 99.06% sold*.
*Final 13 units left. Information accurate as of 28th September 2016.
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