SINGAPORE : The tender for the commercial site at Anson Road has attracted a top bid of S$237.2 million. The bid from Firstoffice works out to S$941 per square foot per plot ratio.
This is double the minimum bid of S$461 per square foot of gross potential floor area which triggered the tender for the plot.
CB Richard Ellis says the breakeven cost for the site is likely to be around S$1,700 to S$1,800 per square foot per plot ratio.
It adds that the successful bidder will be able to get a stabilised yield of around 4.5 to 5 percent based on a gross rent of about S$9 to S$10 per square foot per month.
The tender exercise received two other bids.
One came from Vivocity and another from Winglow which submitted the lowest bid of S$160 million.
The 99-year leasehold site has gross potential floor area of up to 23,000 square metres. - CNA/ch
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