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
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