Condo Land Plot Draws 13 Bids

Source : The Straits Times, Aug 19, 2009

A TENDER for a 99-year leasehold condo plot in Chestnut Avenue drew an impressive 13 bids from developers keen to cash in on strong market for mass market homes.

The top bid came in at $143.68 million or $280 per sq ft of gross floor area, which was about 132 per cent above the minimum allowable bid of $120 psf of gross floor area.

The bidder was a joint venture between City Developments' Sunny Vista Developments and Hong Leong Group's Hong Realty.

The top five bidders include Sim Lian Land with a bid of $113 million and First Changi Development, a GuocoLand subsidiary, with a bid of $93.38 million.

Frasers Centrepoint put in the most conservative bid of $77 million or $151 psf of gross floor area.