A unit of Wing Tai Holdings trumped five other bidders by submitting a top bid of $288.4 million for a 92,128-sq-ft 99-year leasehold residential site at Alexandra Road.
Wing Tai subsidiary Winglow Investment placed the bid together with United Engineers’ unit Greatearth Developments, the Urban Redevelopment Authority said yesterday. The $288.4-million bid works out to about $639 per square foot (psf) per plot ratio, which translates into an estimated breakeven price of $1,000 psf for the condominium project to be built on the site, according to Mr Leonard Tay, director of CBRE Research.
Besides the site’s convenient location near the Redhill MRT station, there is also “a potentially strong demand from the occupiers of older private residential projects in the city fringe area”, said Mr Tay.
The site, which can be developed to a maximum height of 40 storeys, can yield between 350 and 400 apartments, said Mr Nicholas Mak, the director of consultancy and research at Knight Frank.
“The relatively high level of interest and the strong bids show that developers are still bullish on the Singapore property market in 2008,” he added.
URA will announce the bid winner at a later date.
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