Record Bid Of $1001 Per Sqft Per Plot Ratio
The tender for the residential with 1st Storey commercial site at Perumal Road was closed on the 10th January 2017. Launched for sale via public tender on the 29 of November 2016 by URA, the site was part of the confirmed list on the government land sales program. With eleven developers participating in the bid, there is clearly very keen interest in this mixed development. In fact, Low Keng Huat submitted the top price of $174.08 million for this 3,847.8 sqm plot. This price translates to a per square foot per plot ratio of $1001.
According to URA, the building height of the plot at Perumal will consist of 2 blocks with vastly different heights. One block will be limited to 3 storeys while the main residential tower block will stand at 25 storeys tall. Both blocks are expected to yield a total of around 200 housing units. In the conditions set by URA, the housing units could be either purely private residences, serviced apartments or a mixture of both. With such a high bid, it is likely for the developer to include service apartments as a component in the development of this Perumal site. Otherwise, it might be a good time for buyers in the market to relook at offerings around the vicinity. They include Sturdee Residences at Sturdee Road as well as Forte Suites and Cityscape at Mergui Road.
While the highest bid price is not an announcement of the tender award*, the top five bids came in with excess of over $160 million. Suggesting that the land costs for District 8 are likely to remain high. More information about the land parcel is available at www.ura.gov.sg.
*Tender awarded to Low Keng Huat on 18th January 2017.
