The tender for the residential site at Alexandra Road has attracted six bids.
The top bid of S$288.38 million was submitted by a partnership between Wing Tai and United Engineers. The price works out to S$639 per square foot per plot ratio. According to property consultants CB Richard Ellis, that works out to 31 percent above the reserve price, and more than 82% higher than the S$350 psf/plot ratio paid for the adjacent site at The Metropolitan in November 2005.
CB Richard Ellis estimates that a new condo project built on the site will have a breakeven price of S$1,000 per square foot. It expects units there to sell for between $1,100 and $1,200 per square foot.
Meanwhile, property consultant Knight Frank says the relatively high level of developers' interest and the strong bids show that developers are still bullish on the Singapore property market in 2008.
A decision on the award of the tender will be made after the bids have been evaluated. - CNA /ls
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