SP Setia battled out 24 developers to clinch Toh Tuck Road site
A stunning total 24 bids were submitted from various property developers for a residential site located at Toh Tuck Toad, with SP Setia placing a top bid of $265 million (or $939 psf ppr), according to the Urban Redevelopment Authority (URA).
SP Setia managed to edge out bids from Singhaiyi Investments Pte Ltd in 2nd place and Centrex Developments Ltd 3rd place by a mere 1.8% and 3% margin respectively.
Some of the more prominent developers who were involved in the tender exercise includes the likes of a consortium formed by Intrepid Investments, Verwood Holdings & TID Residential (developers of current new launch Forest Woods), Sunway Developments and Hoi Hup Realty (developers of Sophia Hills) and Singland Homes and UOL Venture Investments (developers of the recent launch The Clement Canopy).
The 201,517 square feet (sq ft) site has a total gross floor area (GFA) of approximately 282,124 sq ft and is expected yield around 325 new homes.
The tender exercise for the Toh Tuck Road site was launched back on 28 February 2017 and said to have totally exceeded market’s expectations of only around 8 to 16 bidders – with the highest bid coming in at no more than $750 psf ppr).
Working this out as a comparison to the latest land sale at Margaret Drive in Queenstown, the top bid for the Toh Tuck Road site is just 6% lower than what MCL Land have paid for ($998 psf ppr).
According to estimates, the breakeven price for the future new launch project on the Toh Tuck Road site will be between $1,400 – $1,500 psf, which result in an eventual average selling price of more than the $1,600 mark.