Bukit Timah Link GLS site drew top bid of $1,343 psf ppr
It has the potential to yield approximately 160 private homes across 20 storeys.
Located adjacent to Beauty World MRT station, the Bukit Timah Link GLS site was launched for sale under the 2H 2022 Government Land Sales programme.
This 99-year leasehold site drew a top bid of around $200 million or $1,343 per square foot per plot ratio (psf ppr)] from real estate developer, Bukit Sembawang Estates.
Another 4 property developers have also participated in this land tender. They are mostly subsidiary firms that are held by the likes of Wing Tai Holdings, CapitaLand, and Hong Leong Group.
It was noted that Bukit Sembawang Estates’ bid is 15.7 percent higher than the runner-up bid submitted by Winchamp Investment Pte Ltd (held by Wing Tai Holdings).
Its bid worked out to be around $172.89 million, which translates to $1,161 psf ppr.
The Bukit Timah Link GLS site has a land area of 49,633 square feet and a gross plot ratio of 3.0.
It has the potential to yield around 160 private residential units and is capped at a maximum height of 20 storeys.
Despite its relatively small plot size, it has attracted healthy interest from various property developers due to its palatable quantum.
In addition, the site is not only close to plenty of transport options and highways, but it is also within walking distance to a wide range of retail and F&B outlets.
It’s also located right next to another mixed residential and commercial development, Linq @ Beauty World.
This has definitely added to the desirability of the Bukit Timah Link GLS site.
According to an analysis from EdgeProp, the estimated selling price for the future new launch at Bukit Timah Link will be around $2,360 psf on average.