Top Bid For Enggor St Site Parcel B 16% Lower Than Parcel A

Source : Channel NewsAsia, 15 November 2007

Developer Allgreen Properties has put in the top bid of S$181 million for a second residential site at Enggor Street.

This works out to around S$7,700 per square metre of gross floor area for the 99-year leasehold site.

Allgreen outbid Far East Organization's S$164 million bid and GuocoLand's S$151 million proposal.

The price put in by Allgreen is 16 percent lower than an adjacent site bought by Far East Organization, which paid S$9,200 per square metre of gross floor area.

The results for the tender are seen as a sign that developers are turning cautious in their land acquisition strategy. - CNA/so