Aggressive land bids drive premiums up at government sites

Developers have been paying substantial premiums for government land sites recently amid healthy private home sales.

There has been aggressive bidding at public land tenders this year, with developers paying an average of 29 per cent more for residential plots over comparable sites sold in the past five years.

That was sharply higher than 13 per cent average premium in the second half of last year, a Cushman & Wakefield report noted yesterday. Continue reading

Malaysian developer S P Setia to build $457 million luxury condo in Singapore

KUALA LUMPUR – S P Setia Bhd, having beat 24 other bidders for a plot of land at Toh Tuck Road in Singapore, plans to develop a five-storey luxury condominium there with a gross development value of S$457 million.

In a statement, the property developer said the 4.6-acre site, for which it was reported to have made the highest bid of S$265 million or S$939 per sq ft of gross floor area, would represent its third development in the republic. Continue reading

URA launches sale of low-rise condo site at Toh Tuck Road

SINGAPORE – A residential site that can yield about 325 condominium units was put on sale via public tender by the Urban Redevelopment Authority on Tuesday (Feb 28).

The 99-year leasehold site in Toh Tuck Road spans 18,721.4 square metres and has a maximum gross floor area of about 26,210 square metres.

It was offered under the confirmed list of the first half 2017 Government Land Sales programme. Continue reading