Gold Ridge has put in the top bid of nearly S$801 million for a white site at Serangoon Central.
The price works out to S$850 per square foot per plot ratio for the 99-year leasehold site.This is 10 percent more than the next highest bid of S$727 million from Serangoon Community Developments.
All in, the site attracted 6 bids, with the lowest by Peak Star at S$215 million.
Analysts expect a full retail centre to be built on the site.
Consultants CB Richard Ellis says the retail mall could be around the size of Parkway Parade, IMM Building or Jurong Point and yield a net lettable area of around 600,000 square feet.
Consultants Knight Frank says the proposed development has the potential to be a regional retail mall and draw shoppers from the housing estates along the Northeast Line and the future Circle Line.
Analysts believe the retail units can be leased out at between S$10 and S$14 per square foot.
Retail malls are expected to do well in the short and medium term.
Retail-property REITs may also be interested in buying such malls after they are developed.
The Land Transport Authority, which offered the site, will study the bids and announce the award of the tender later. - CNA/ch
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